Three Arrested, with Old Currency Notes Of 500 & 1000 Denominations

Hyderabad, March 16 (Maxim News): The sleuths of Commissioner’s Task Force, West Zone team, Hyderabad, apprehended (3) accused persons here who were procured the old currency notes of Rs.500 & 1000 denominations illegally after the demonetization they were illegally trying to exchange the demonetize old currency notes of Rs. 500, 1000 to new currency notes with some unknown persons near Community Hall, B.K.Guda, SR Nagar, Hyderabad. Seized old currency of Rs.44,48,500/- (Forty four lakhs forty eight thousand and five hundred rupees) with denomination of 500X6013=30,06,500/- and 1000X1442=14,42,000, (4) Cell phones and (1) Car B.No.AP21BB 0789 (TATA Zest) Silver colour from their possession.

The accused P. Sridhar is native of Vidyadarapuram, Vijayawada, A.P. He studied upto Intermediate at Vijayawada. Later he completed his B.E. (Production) studies in the year 1993 at Latur District of Maharastra State. After completion of his studies he worked Production Manager in Meerut Agro Chemicals, Meerut, U.P. In the year 2013 he along with his family members shifted to Hyderabad.

The accused persons D.Srinivasa Rao and K.Krishna Reddy are friends of accused P.Sridhar.

Modus operandi:
The accused P. Sridhar presently working as Zonal Manager in Adi Bhaskara Marketing company, Auto Nagar, LB Nagar, Hyderabad and getting salary of Rs.30,000/- per month. But his earnings are not sufficient to meet his family expenses. At the same time one of his friends by name Shankar, R/o Vijayawada, A.P. informed him that his friend by name Satyanarayana, R/o Vijayawada, A.P, is having old currency notes of Rs.44,48,500/- (Forty four lakhs forty eight thousand and five hundred rupees) of 500/- & 1000/- denominations and want to exchange it with new currency notes and intrun he will pay some amount as commission. For which he agreed to exchange old currency notes in Hyderabad.

He informed the same to his childhood friends D.Srinivasa Rao and K.Krishna Reddy and asked to join with him for exchange of old currency, for which he agreed to pay some amount as commission to them.

On March 13, the accused P. Sridhar went to Khairtabad and took Rs.44,48,500/- (Forty four lakhs forty eight thousand and five hundred rupees) of 500/- & 1000/- denominations from Satyanarayana and on 15-03-2017 he along with D.Srinivasa Rao and K.Krishna Reddy came near Community Hall, B.K.Guda, SR Nagar, Hyderabad in K.Krishna Reddy’s Car B.No.AP21BB 0789 (TATA Zest) Silver colour and trying to exchange of old notes to some unknown persons, in the meantime Police came and apprehended them along with demonetize old currency notes.

The accused persons along with the seized property were handed over to SHO, SR Nagar Police Station, Hyderabad for further investigation.

Details of the Accused: P.Sridhar S/o P.Narayana Rao, aged 46 yrs, Occ: Marketing, R/o Plot No.37, Phase-II, Mythri Villas, Bhagya Latha Colony, Vanasthalipuram, Hayath Nagar, Hyderabad, N/o Vidyadarapuram, Vijayawada, A.P; D.Srinivasa Rao S/o Late D.Ramaiah, aged 40 yrs, Occ: Marketing, R/o Phase-I, Mythri Villas, Bhagya Latha Colony, Vanasthalipuram, Hayath Nagar, Hyderabad, N/o Flat No.302, Surya Towers, Near Oxford School, Piduguralla, Guntur, A.P and K.Krishna Reddy S/o Late K.Ram Reddy, aged 43 yrs, Occ: Business, R/o Opp: Amma Mess, Prashanth Nagar, Kukatpally, Bal Nagar, Hyderabad, N/o Flat No.209, Erasi Paradise, Opp: Municipal Office, Nandyala, Kurnool, A.P.

The arrests were made under the supervision of B. Limba Reddy, Dy. Commissioner of Police, Commissioner’s Task Force by L.Raja Venkat Reddy, Inspector of Police, West Zone Task Force Team, with the assistance of SI’s P. Mallikarjun, V.Kishore, M.Prabhakar Reddy, L.Bhaskar Reddy and staff of West Zone team, Commissioner’s Task Force. (Maxim News)