Demonetised currency notes worth Rs 7 cr seized,2 held

Hyderabad: The city police have arrested two people and seized demonetized currency notes of Rs 500 and Rs 1000 worth Rs 7 crore and two cell phones from their possession. On credible information, Cental Zone Task Force team arrested Purnam Purushotham (50), a film production Manager of Kukatpally, Palati Srinivasa Rao, film production Manager of Borabanda and M Koteshwar Raju, Proprietor of M/s Jyo Star Enterprises of Chennai (asconding) in the limits of Jubilee Hills Police station yesterday, when they were trying to exchange the demonetized currency notes with new currency notes on commission basis, police said today.

The accused Koteshwar Raju belongs to Andhra Pradesh and residing in Chennai established and registered a movie banner M/s Jyo Star Enterprises in Chennai in 2016 and producing Telugu movies and as well as Tamil Movies. The other two accused also working as film production managers under him. Few days back Kotehwar Raju informed them that he is having old currency with him, and if they can exchange with new currency he would give some commission to them. As such, a week ago, Koteshwar Raju came to Hyderabad and handed over the old currency of Rs 7 crore to other two.

The same currency kept in their office and searching for the persons who exchange old currency. In the meantime, police on a tip off arrested them and seized the demonetized currency. The accused along with the seized property being handed over to Jubilee Hills Police Station for further investigation, police added. (UNI)