On Tuesday, the Hyderabad police arrested a man trying to exchange demonetized currency worth Rs. 90 lakhs. The 33 year old man was arrested near Nova hospital near GVK One Mall in Punjagutta.
The accused has been identified as Satya Haribabu, a real estate businessman. The officials reported Haribabu got the demonetized currency from another real estate businessman, Koteshwar Rao.
Haribabu brought the money from Vijayawada to Hyderabad to exchange the currency for a commission. The police caught the accused red handed, negotiating a deal. The officials have reported, the other accused Koteshwar Rao has absconded.
Ever since PM Modi demonetized Rs. 500 and Rs. 1,000 notes, there have been multiple cases of people trying to exchange huge sums of demonetized currency.
The police have registered a case against Haribabu and a search party is looking for Koteshwar Rao.
