Eight persons were arrested by the Hyderabad police after they were caught with Rs. 58 lakhs in new Rs. 2000 notes. The eight accused belong to different parts of Andhra Pradesh and Telangana. This amount has been unaccounted for and was seized by the police while checking vehicles. While conducting a regular check on vehicles the police found this amount stashed with the eight accused.
The police conducted an inquiry and the accused accepted that they collected the amount from people in their native villages. They also said that they did these transactions on a commission basis with the exchange of 8 to 10 percent. The press release by the police said, “They came to Hyderabad with an intention to exchange the new currency of Rs. 2,000 with the old currency of Rs. 1,000 or Rs. 500 with a commission of 25 to 30 percent to make easy money. On further inquiry with them about the exchange of old currency, they stated that they will return to the people from whom they collected the amounts and again they will deposit in their respective accounts.” According to the release the accused along with the acquired money would be sent to the Income Tax office for issuing appropriate action against them.
