Old notes of Rs 92.30 lakh face value seized in Hyderabad; two held

Hyderabad: Two persons were arrested here on Friday for allegedly trying to exchange over Rs 92.30 lakh in demonetised banknotes with new bills, police said.

Ramnarayan Tiwari, who is into aluminium scrap business here, and C Srinivas were arrested on a tip-off when they came near a bank along with the old notes on a bike.

While Tiwari is a native of Rajasthan, Srinivas hails from Sangareddy district in Telangana.

Srinivas came in contact with Tiwari through a mutual friend.

According to police, Srinivas came to know that Tiwari has a huge stock of demonetised currency, which he was trying to exchange for new notes by offering 40 per cent commission.

"Srinivas approached Tiwari and offered him to exchange the amount, stating that he is having contacts with prospective brokers. He assured Tiwari of getting the old currency exchanged with new currency," police stated in a release.

Accordingly, Tiwari brought Rs 92.30 lakh in old notes on a two-wheeler along with Srinivas at Karkhana area, when the police nabbed them and seized the scrapped notes in denominations of Rs 500 and Rs 1000.

Since March 13, the city police have arrested 41 people in separate cases and seized the invalid notes having a face value of Rs 7.75 crore.