Hyderabad: Woman among 4 held with Rs 55.52 lakh old currency notes
The task force team received information and arrested the accused at the Taj Mahal Hotel

The City Task Force, Central Zone, busted a gang of four criminals, including a woman, involved in exchange of old demonetised currency and seized Rs 55,52,000 old currency notes from their possession.
The task force team received information and arrested the accused at the Taj Mahal Hotel. Prime accused Syed Muzammil Hussain, 48, Amzad Khan, 42, Palthi Bhaskar, 46, and Shaik Naseema, 58, used to illegally exchange demonetised old currency with valid currency through agents to cheat public by offering huge commission in the market, DCP, task force, Y.V.S. Sudheendra DCP said.
“We seized demonetised (old) Indian currency Rs 55,52,500 (in denomination of 1,000 & 500 currency notes) from the possession accused”. Sudheendra said. As per an ordinance issued by the Union government, the legal tender of specified bank notes was withdrawn and holding old currency denominations is now a crime.
During interrogation, prime accused Muzammil, a resident of Langar Houz, revealed that he is the proprietor of SA Tent House at Tolichowki. Earlier he was into real estate business. Later he went to Saudi Arabia (Jeddah) in 2006 and returned in 2019, the DCP said.
During this period his family concealed about Rs 30 lakh of demonetised currency and did not exchange it with valid currency in the banks to avoid Income Tax and after the period to exchange the old currency ended he tried to exchange them with valid currency but did not succeed, the DCP further said.
Later, through his associate Amzad Khan he collected Rs 25,52,500 of demonetised notes through mediators, waiting to exchange the currency.
While moving in the market to get prospective customers one month back they came into contact with local agents Palthi Bhaskar Shaik Naseema and they offered them 5 per cent commission. They agreed and looked for customers in the market, he said.
The accused along with seized property have been handed over to Abids police and later produced before court for judicial remand.