Abids police bust gang for trying to exchange demonetised currency; Rs 55.55 lakhs seized
The legal tender of specified bank notes was withdrawn and holding old currency denominations is now a crime
By Newsmeter Network Published on 16 March 2025 5:02 PM IST
Representational Image.
Hyderabad: Four persons were arrested for illegally trying to exchange demonetised Indian old currency with valid Indian currency through agents to cheat the public by offering a huge commission in the market.
The sleuths of Commissionerās Task Force, Central Zone Team at Taj Mahal Hotel, under the limits of Abids Police Station, arrested Syed Muzammil Hussain (prime accused), Amzad Khan (associate), Palthi Bhaskar (agent) and Shaik Naseema (agent) in the case. The gang seized demonetised (old) Indian currency Rs 55,52,500 (in denominations of 1,000 and 500 currency notes) from the possession of the gang.
As per the ordinance issued by the Union government, the legal tender of specified bank notes was withdrawn and holding old currency denominations is now a crime.
Case details
Syed Muzammil Hussain is residing in the limits of Langer Houz, proprietor of SA Tent House at Tolichowki, Hyderabad. Previously, he worked in the real estate business. Later, he went to Saudi Arabia (Jeddah) in 2006 and returned in 2019. In this period, his family concealed about Rs 30 lakhs of demonetised currency and did not exchange it for valid currency in the banks to avoid Income Tax.
After the completion of the old currency exchange period, he tried to exchange for valid currency but did not succeed. After that, through his associate, Amzad Khan, he collected more Rs 25,52,500 of demonetised Indian currency through mediators and kept them, waiting to exchange the currency. They met Palthi Bhaskar and Shaik Naseema, and they offered them 5 per cent commission. Then, they agreed and searched for customers in the market.
On March 15, in the night hours, the accused persons gathered at the Taj Mahal Hotel, Abids Hyderabad, with illegal possession of demonetised Indian currency about Rs 55,52,500 of 1000 and 500 denomination notes and trying to exchange with valid Indian currency on 10 per cent commission with prospective customers.
The case has been filed, and further investigation is on.
