Hyderabad: Illegal exchange of demonetised notes for new currency was underway right under the nose of the city police at police control room in Basheerbagh for sometime now.
However, on Monday night the city police busted a gang that was involved in exchanging old currency notes and recovered Rs 8 crore in banned currency. According to the police, the gang used to exchange old notes for new currency for a commission of 43:57. That is for Rs 1 crore in old notes the gang gave its "customers" Rs 43 lakh in new currency and the rest was retained as commission. Police raided Jain Associates in Mogul Court Building located in Basheerbagh at 9 pm on Monday night and made the recovery. They arrested Fazuluddin, who was running the currency exchange operation and ten of his associates.
Another person, Saidulu, who had come to the building with Rs 1 crore in old notes was also arrested. He told the police that he brought the money from Miyapur in the city after beig told about the exchange. Based on the information given by him, police believe that the exchange of currency notes was going on in the building for sometime now. Notably, the central government has set March 31, 2017 as the deadline for exchange of demonetised notes for non-resident Indians. The recovery of Rs 8 crore in old currency so close to the March 31 deadline has shocked the investigators.