On Sunday, police captured 8 people with 500 and 1000 demonetised notes worth 4.41 crores. The accused have been recognized as Gautam Kumar Aggarwal, a pearl merchant, Kalyan a real estate businessman, rice trader Muzaffar, Mustafa, Shivprasad, and Farooq, a car dealer. They were arrested while trying to get the banned currency exchanged with the help of Rajender Nath, a contractor and Harinath Babu, a chartered accountant.
Deputy Commissioner of Police, Limba Reddy reported, “The west Zone Task Force and team members in Banjara Hills took eight people into custody and seized Rs. 4.41 crores in 500 and 1000 demonetised currency notes.” He also added, “Upon examination, they disclosed that Kalyan, Gautam Kumar Aggarwal, Mustafa, Muzaffar, Farooq, and Shivprasad, all of them contacted their friends Rajendra and Harinath Babu. They promised issuance of 35% of new currency against 100% old currency.”
A case has been registered under section 7 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017. Further investigation is being made and the eight accused have been handed over to the Banjara Hills Police Station and interrogation is underway. A tip off led the Task Force to Kalyan’s residence in Banjara Hills. Kalyan had finalized the deal and invited Harinath and Rajendra to finish their end of the bargain.
