Old notes worth Rs 1.2 crore seized, 16 arrested in Hyderabad

The Hyderabad police on Tuesday arrested sixteen people in connection with a currency fraud case.

Hyderabad: The Hyderabad police on Tuesday arrested sixteen persons in currency fraud case.The police arrested a 16-member currency exchange gang while trying to exchange of Rs 1.2 crore in denominations of old notes Rs 500 and 1,000.

Several such cases have been reported in the recent past where gangs have been indulging in currency exchange rackets. Cases such as these have been reported in Karnataka, Maharashtra among other states.

The Hyderabad police which is probing into the case is yet to get more leads on the same. It is being ascertained if the gang had connections in other states as well.

Several currency exchange gangs have been busted after Prime Minister Narendra Modi made the announcement on demonetisation on November 8. Several persons have failed to exchange their notes as the RBI closed its counter earlier than expected. This has promoted a petition in the Supreme Court, the decision of which is expected later this week.