Begumpet Police Stop Illegal Currency Exchange Operation, Arrest Four with ₹99 Lakh
In a significant development, the Begumpet Police have arrested four individuals and seized ₹99 lakh in demonetised currency notes during a raid on Saturday afternoon.
Hyderabad: In a significant development, the Begumpet Police have arrested four individuals and seized ₹99 lakh in demonetized currency notes during a raid on Saturday afternoon. The police were acting on intelligence that these individuals were involved in a fraudulent scheme to exchange demonetized ₹500 and ₹1,000 currency notes.
Table of Contents
Details of the Raid and Arrests
The raid, conducted by Begumpet SI Jayachander and led by SI Sridhar, took place at the Tivoli Xtreme Theatre in Begumpet after the police received a tip-off about the illegal exchange operation.
The arrested individuals have been identified as:
- Malleshwar
- Burra Sivakumar
- Puttapalli Ravinder Reddy
- Gollamandala Ravi
All four are residents of Vepur village, Mahabubnagar district. Police seized a car, four mobile phones, and ₹99 lakh in old ₹500 and ₹1,000 notes that were reportedly intended for exchange.
Also Read: Mahesh Babu Summoned by ED in ₹5.9 Crore Real Estate Scam Probe
Illegal Exchange Scheme Details
According to the police, the accused individuals were attempting to exchange the demonetized notes at a 20% commission rate, a practice that is illegal since the demonetization of high-value currency notes in 2016. The police have also indicated that four other accomplices are currently absconding, and a manhunt has been launched to apprehend them.
Investigation and Legal Action
The Begumpet police have registered a case under relevant sections related to currency fraud and illegal exchange. The investigation is ongoing, with authorities continuing to track down the absconding individuals involved in the operation.
The police have also warned the public to avoid engaging in illegal currency exchange activities, as such practices remain a criminal offense.
