Metro India News | Hyderabad 

The Central Zone Task Force apprehended four individuals involved in attempting to exchange demonetized Indian currency notes with a face value of Rs 55.52 lakh on Sunday. The arrests were made at the Taj Mahal Hotel in the Abids area following credible information received by the police.

The accused were identified as Syed Muzammil Hussain (48), the prime accused and resident of Langer House; Amzad Khan (42), an associate from Langer House; Palthi Bhaskar (46), an agent from Medchal; and Shaik Naseema (50), an agent from Neredmet. The gang was attempting to illegally exchange demonetized Rs 1,000 and Rs 500 notes for valid currency by offering a commission to potential customers.

According to the police, Syed Muzammil Hussain had concealed Rs 30 lakh in demonetized notes since 2016 to avoid income tax scrutiny. He later joined forces with Amzad Khan, who collected an additional Rs 25.52 lakh through intermediaries. Bhaskar and Naseema acted as agents, offering to facilitate the exchange for a 5% commission.

On the night of March 15, the accused gathered at the Taj Mahal Hotel with the demonetized currency, intending to exchange it at a 10% commission rate. Acting on a tip-off, the Task Force team apprehended the gang and seized the currency.

The suspects were handed over to the Abids Police Station for further investigation. This operation was executed under the supervision of the Central Zone Task Force, highlighting their efforts to curb illegal activities in the city.