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Hyderabad Police bust gang involved in illegal exchange of demonetized currency

Hyderabad, Mar 16 (UNI) Hyderabad police apprehended four individuals involved in an illegal attempt to exchange demonetized Indian currency notes worth Rs 55,52,500.
On credible information, the Central Zone Task Force Inspector, Sub-Inspector, and their team arrested Syed Muzammil Hussain (48) and Amzad Khan (42) of Langer House, Palthi Bhaskar (46) of Kandlakoya, Medchal, and Shaik Naseema (50) when they were attempting to exchange demonetized Indian currency at Taj Mahal Hotel under the Abids Police Station limits, a police statement said on Sunday.
The prime accused, Syed Muzammil Hussain, had concealed Rs 30 lakh of demonetized currency to evade income tax during his stay abroad. Upon returning from Saudi Arabia in 2019, he attempted to exchange the old currency but was unsuccessful. Later, with the help of Amzad Khan, he collected an additional Rs 25.52 lakh in demonetized notes. They enlisted the assistance of agents Palthi Bhaskar and Shaik Naseema, who agreed to help exchange the currency for a 5 percent commission.
On March 15, 2025, the accused gathered at Taj Mahal Hotel in Abids, Hyderabad, carrying Rs 55,52,500 in demonetized Indian currency. They planned to exchange the currency for valid Indian notes at a 10 percent commission when the Task Force team, acting on credible information, intervened and apprehended them.
The arrested individuals and the seized currency were handed over to SHO Abids Police Station for further investigation.
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