Hyderabad: Police in Narayanaguda and the Task Force in Hyderabad have made a significant breakthrough. They uncovered a secret operation near Shanthi Theatre where a gang was illegally exchanging old Rs 500 and Rs 1,000 notes. The gang offered a 30% commission for these transactions.
During a sting operation, police arrested the group and confiscated nearly Rs 2 crore in banned currency, along with four mobile phones, a counting machine, and documents outlining their plans. This arrest followed careful monitoring and investigation of suspicious activities, marking a major success in the city’s efforts to stop illegal currency trading.
The investigation identified Mulla Abbas, an electrician from Bangalore, as the main suspect. He had a history of dealing in illegal currency exchange and black money. He partnered with a diverse group, including real estate brokers, financial agents, and a kirana shop owner, to form an organized network aiming to profit from currency exchanges.
The group met near Shanthi Theatre to swap the old notes for legal currency, exploiting enforcement gaps years after demonetization. Despite previous arrests, Abbas continued his illegal activities. This time, he arranged to exchange one crore in demonetized notes for a Rs 30 lakh commission with a contact from Kerala, who remains untraceable.
The arrests highlight how illegal currency trades attract people from various professions and continue to emerge in Hyderabad’s underground economy. The operation emphasizes the persistent efforts of the local police to combat these activities. Authorities are committed to tracing the origins of such cash, dismantling similar networks, and ensuring banned notes do not re-enter daily transactions.
