Hyderabad: Local channel boss held with old notes

Hyderabad: The Bibinagar police along with LB Nagar Special Operations Team on Wednesday arrested a five member gang that was trying to exchange banned currency notes by offering 70-30 per cent commission.

Police seized Rs 61.96 lakh of old notes, a car and eight mobile phones  from their possession. The arrested persons were identified as Mohd Ali Khan, 38, Merugu Avilaiah alias Ajay, 36, Thokala Thirumal, 36, Thanneti Raju, 30, and Puvvada Bharathi, 32.  

“Mohammad Alikhan is the owner of a local news channel that was opened on January 22. There was a huge amount of banned notes stocked with him.  He exchanged some of the currency during demonetisation but he still had Rs 62 lakh  with him, which he tried to exchange illegally.