Hyderabad Police Seize ₹99 Lakh in Demonetised Notes, Four Arrested

Even after nine years since demonetisation, police continue to grapple with the circulation of banned ₹500 and ₹1,000 currency notes.

In a recent incident, Begumpet police in Hyderabad seized demonetised currency notes with a face value of ₹99 lakh.

Providing details, Begumpet SI Jayachander said a team led by SI Sridhar conducted raids at Tivoli Extreme Cinema on Saturday afternoon. The operation followed a tip-off about individuals attempting to exchange the banned notes.

Four persons—Malleshwar, Burra Sivakumar, Puttapalli Ravinder Reddy, and Gollamandala Ravi—from Vepur village in Mahabubnagar district were arrested. A manhunt is underway to nab four others allegedly involved in the case.

In addition to the currency, police seized a car and four mobile phones.

According to officials, the accused were offering a 20% commission in exchange for the demonetised currency.

Begumpet police have registered a case and launched an investigation to determine whether a larger network is operating behind the scenes.

The Indian government demonetised ₹500 and ₹1,000 currency notes on November 8, 2016, in an effort to curb black money, counter counterfeit currency, combat terror funding, promote a digital economy, and widen the tax base.