Telangana: Police bust notes exchange racket
The three-member gang was allegedly involved in exchanging old currency notes for a commission basis.
Hyderabad: A three-member gang that was allegedly involved in exchanging old currency notes for a commission basis were busted by the Jagtial police on Tuesday. The suspects were identified as Chinta Santosh, B. Prashanth and Mohammed Ismail. Jagtial police superintendent Ananta Sharma said Santosh of Korutla hatched the plan to make money by exchanging currency on commission basis after the demonetisation of Rs 1,000 and Rs 500 notes on November 8.
During routine checking of vehicles in Korutla, police found Rs 32.92 lakh of cash in a car. After questioning, the trio admitted to the currency exchange business. Police arrested them and sent them to remand. During inquiry, police found that since November 8, the gang had exchanged currency worth more than Rs 1 crore for commission. The case is under investigation.