Hyderabad: The Three Persons arrested for involve in Exchange of demonetized Indian currency and Police seizure of Rs. 1, 00, 00,000/- Old INR and three cell phones.
The accused persons 1. Kallam Rajesh s/o K.V. Reddy, 45-years, Business r/o flat No. 203, Divya Sai Residency, Anupuram, Radhika, ECIL, Medchal District., 2. Palamkula Anantha Reddy s/o Palamkula Linga Reddy, 37-years, Business r/o H.No: 2-2-1165, Tilak Nagar, New Nallakunta, Hyderabad., 3. Ashangari Nagaraju s/o Balaiah, 30 years, Occ Driver car, r/o H.No: 11-4-72/2, Bharath Nagar, Siddipet Dist
The accused persons came near S.B.I Bank, P & T Colony, Main Road Karkhana with an intention to exchange of old demonetized Indian currency with new Indian currency as the date of expiry is over to deposit in the RBI specified banks, mean time he intended to escape from legal action along with paying of income tax and to cheat the innocent people & Government. On the above specific information on 03-01-2018 at 1800 hours the Karkhana crime team took them into custody and recovered 1,00,00,000/- (Demonetized Currency), one, two wheeler Honda Activa bearing No. TS 08 EJ 2110 and three cell phones from their possession.
During the course of interrogation, it revealed that the accused earned huge money and did not pay income tax due to which the whole amount was kept secretly in the house. In the meantime, due to the effect of demonetization of 500 & 1000 denomination notes, Kallam Rajesh wanted to dispose old currency illegally by exchanging for new currency to avoid payment of taxes and cheat the government. Taking the advantage of this information Palamkula Anantha Reddy and Ashangari Nagaraju approached Kallam Rajesh and all together conspired to exchange old notes for 20% new currency and in that exercise they came to informant area i.e Karkhana.
The Police registered a case in Cr.No. 65/2017 u/s 420, r/w 511 IPC, 102 Cr.P.C. And Section 7 of specified bank notes cessation of liability act 2017, has been registered at Karkhana Police Station. The Police Seized Rs 1,00,00,000/- old Indian currency, (01) two wheeler, Honda Activa bearing No. TS 08 EJ 2110 and three Cell phones from the accused possession.
| Denominations | Total Amount |
| 1000 x 4200 | 42,00,000 |
| 500 x 11600 | 58,00,000 |
| Total | 1,00,00,000 |
The arrested accused persons along with the seized property were sent to Judicial Custody, further investigation is going-on, Dy. Commissioner of Police, North Zone, Said while addressing to the Media conference today
