Nine arrested for tying to exchange scrapped notes worth Rs 3.48 crore in Hyderabad

Nine persons were today arrested from here on charge of illegal possession and trying to exchange old currency with face value of Rs 3.48 crore on commission basis with agents, police said.

"All the accused persons today gathered at S R Nagar along with demonetised currency in denominations of Rs 1000 and 500 and were trying to exchange it through agents for commission," Deputy Commissioner of Police (Commissioner’s Task Force) B Limba Reddy said.

The arrested accused persons including realtors, a doctor among others committed an offence under IPC sections420 (cheating), 511 (atempting to commit offences punishablewith imprisonment for life or other imprisonment) and relevantsections of the Specified Bank Notes (cessation of liabilities) Act, 2017, the DCP added. Further probe is on.