Hyderabad: Four individuals have been arrested at the Taj Mahal Hotel, Abids on Saturday, March 15, for illegally attempting to exchange demonetised Indian currency for valid notes, deceiving the public with offers of high commissions. Police seized RS 55,52,500 in demonetised Rs 1,000 and Rs 500 notes from the accused.
The accused has been identified as Syed Muzammil Hussain, Amzad Khan, Palthi Bhaskar, and Shaik Naseema.
According to reports, the prime accused, Syed Muzammil Hussain, a resident of Langer Houz and proprietor of SA Tent House in Tolichowki, previously worked in real estate. After moving to Jeddah in 2006, his family concealed Rs 30 lakh in demonetised currency to evade income tax and did not exchange it within the stipulated period.
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Upon returning to India in 2019, he attempted to exchange the old notes but failed. Through his associate, Amzad Khan, he gathered an additional Rs 25,52,500 in demonetised currency via mediators. The accused then collaborated with agents Palthi Bhaskar and Shaik Naseema, offering them a 5 percent commission to find buyers.
On March 15, the accused met at Taj Mahal Hotel attempting to exchange the old notes for valid currency at a 10 percent commission when police caught them red-handed.
A case has been arrested and further investigation is ongoing.
