Hyderabad: Cops seize Rs 49 lakh in two cases, five people nabbed

Hyderabad: In the first case Saidabad police arrested three people including a school teacher and recovered Rs 29.7 lakh in new currency from them. The trio were trying to exchange the cash with demonetised currency for 15 per cent commission with another party.

The main suspect is Bingi Vasu Goud, 32, a realtor, from Barath Nagar, Uppal. Police recovered Rs 20,16,000 in Rs 2000 notes and Rs 6,44,000 in Rs 100 notes.

The second accused Bandaru Venkatesh, 28, district coordinator at Data Pro Computer Centre in Dilsukhnagar, had Rs 3,16,000 in his hand in Rs 2,000 notes. Their associate Madugula Mohan, 51, a government school teacher, was acting as mediator.

“Mohan had contacted the duo asking them to provide the cash for another party, who had agreed to pay 15 per cent commission for the new currency. As soon as we got information we arrested the trio before the exchange took place,” said Saidabad inspector K. Sattaiah. The arrested persons and cash were handed over to I-T department for verifications. The suspects told the police that they had collected the Rs 2,000 from friends and relatives.

In the second case Cyberabad police nabbed two persons who were carrying unaccounted cash in Chandanagar.

On Saturday, police intercepted two youths from Ayyappa Society and found Rs 20 lakh in new currency. They said that they were carrying the cash for purchasing land in HUDA Colony and had documents.

“We informed the I-T department and inquiry is on,” an official from Cyberabad said.