The six men planned to get demonetised notes exchanged for valid currency through middlemen
The city police on Saturday arrested six people and seized Rs. one crore in demonetised currency from them in Hyderabad.
The arrested men were identified as Raj Kumar Bagadi, owner of a petrol pump in Putli Bowli area; Ahmed Bin Ali, owner of a sports showroom; Mohammed Salman; Mohammed Shabeer, a textile businessman; Mohammed Ahmed Shareef and Pedda Shetty Reddy Sekar, a retired Postal Department employee.
A team of Central Zone Task Force of police raided Bagadi's house in Barkathpura area and arrested them with Rs 1 crore in scrapped notes, said a press release.
The accused had planned to get the notes exchanged for valid currency through some middlemen, and gathered at Bagadi's house for this purpose.
A case was registered at Kachiguda police station and further probe is on.