Hyderabad cops bust gang that ‘exchanged’ demonetised notes for new currency
The Hyderabad police busted a 13-member gang on Monday night for exchanging demonetised notes with new currency in return for hefty commission.india Updated: Mar 28, 2017 12:08 IST
The Hyderabad police busted a 13-member gang on Monday night for allegedly exchanging demonetised notes with new currency in return for hefty commission.
According to the police, banned currency worth Rs 3.5 crore in Rs 500 and Rs 1000 denominations was seized from the gang. Unconfirmed reports, however, said the seized currency was worth Rs 8 crore.
The racket was busted at Moghul Court building at Basheerbagh, yards away from the Hyderabad police commissionerate. Following reports that several people were gathering at the office of Jain Associates in the building for exchange of their old currency with new notes, the Central Zone police raided the place at around 10pm. The raid went on till past midnight.
“We have arrested 10 members of the gang and the remaining three have escaped. We are investigating what they were going to do with the banned currency, whether they are part of any wider network and if they have any connection with any bankers,” Hyderabad Central Zone deputy commissioner of police D Joel Davis told Hindustan Times.
The kingpin of the racket Fazuluddin along with nine of his associates, was among the accused who were arrested. The mediators were identified as Sai Krishna and Govindulu.
Police suspect the cash belonged to multiple individuals. The gang had offered to pay Rs 43 lakh of new currency to every Rs 1 crore worth of demonetised notes.
The deadline for exchange of demonetised notes with new currency ends on March 31 under specific conditions. According to the Specified Bank Notes Cessation of Liabilities Ordinance, only those who were abroad, the armed forces personnel posted in remote areas or others who can give valid reasons for not being able to deposit the cancelled notes at banks, can deposit the demonetised currency notes of Rs 500 and Rs 1,000 currency notes till March 31.
Those found possessing the old currency notes are liable for arrest and prosecution from April 1 this year.
“Since only three days are left for the exchange of old currency, we are investigating as to how the gang was planning to do that. We, however, could not find any new currency bundles with them at the time of the raid,” the DCP added.