Recovering one of the massive haul of demonetised currency, Hyderabad Police on Sunday seized over Rs 4.41 crore in the denomination of now scrapped Rs 500 and Rs 1000 and arrested eight people from the posh Banjara Hills region.
The arrested persons include a pearl merchant and a chartered accountant were trying to exchange the demonetised money with legal tender note.
Acting on a tip off, the Commissioner's Task Force team (west) arrested the accused identified as P Kalyan Prasad (38) a realtor, Mohd Farooq (55) a car dealer, Mir Muzaffar (32) a businessman, Gowtham Aggarwal (51) a pearls trader, Y Surya Prakash (34) a contractor, K Harinath Babu (50), a realtor, V Rajendranath (31) a chartered accountant and a student named Mohd Mustafa Siddiqui.
The task force team nabbed all of the accused from the residence of pearl merchant Gowtham Aggarwal and seized old currency notes amounting to Rs 4.41 crore.
Sources confirmed that the accused were trying to exchange the money with 30 per cent commission.
Since March 13, Hyderabad police has arrested over 40 people in similar cases.
They have so far seized invalid notes having a face value of over Rs 9 crore from different parts of the city while checking of vehicles or acting on specific tip off.