Currency Exchange Gang Arrested 

Peddapally: A seven-member gang involved in exchange of abolished currency for the new Rs2,000 and Rs100 notes was arrested in Peddapally on Monday. The police after inquiring into the activities of the gang laid a trap at the spot where Rs10 lakh was being exchanged.

The Khammam-based gang struck a deal with a businessman belonging to Peddapally for the exchange of one crore rupees and they were delivering Rs10 lakh as a first installment. Police seized both the old and new currency and DCP Vijender Reddy presented the accused before the media.

The gang was charging 30 percent commission on the exchange of defunct currency, the DCP said.