Unaccounted cash of Rs 58 lakh in new currency seized, 8 arrested

Currency-wefornews

HYDERABAD: In a yet another currency seizure case, police has arrested eight persons in Hyderabad on Monday with unaccounted cash amounting to Rs 58 lakh in new Rs. 2,000 notes.

The eight persons were arrested after finding Rs. 58 lakh in their possession during vehicle checking, a police release said. They belonged to different places in Telangana and Andhra Pradesh.

During the course of inquiry, they informed police that amount was collected from local people of their respective native places, villages on 8 to 10 percent commission basis.

“They came to Hyderabad with an intention to exchange the new currency of Rs. 2,000 with old currency of Rs. 1,000 or Rs. 500 with commission of 25 to 30 per cent to make easy money.”

“On further inquiry with them about the exchange of notes, they stated that they will return to the people from whom they collected the amounts and again they will deposit in their respective accounts,” the release said.

The arrested persons, along with the seized unaccounted new currency and seizure report, would be sent to the Income Tax office for initiating suitable action against them as per Income Tax Act, the release added.

Wefornews Bureau

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