Four held on charges of attempting to exchange Rs. 1.9 Cr in hawala transaction

HYDERABAD: Four persons of special operations team of LB Nagar Zone team and LB Nagar police on Saturday apprehended four persons with an unaccounted money of Rs.1.90 crore, when they were trying to cheat a person with a promise of providing Rs 2, 000 denomination notes (20% extra) in exchange of Rs 500 notes.

Edulakanti Prabhakar Goud of Rakshapuram Colony, Santosh Nagar in the city, Shaik Roshan Mahaboob, of Balaji Nagar in Srikalahasthi of Chithoor district, Kolampally Srinivas, of Narsingi in Hyderabad, Bingi Vasu of Uppal, Hyderabad, and Singamshetty Ramulu of Nagole in Hyderabad were arrested in the case.

Rachakonda Police Commissioner D S Chauhan said the accused persons contacted Prabhakar Goud and told him that the central government was likely to ban Rs 2,000 notes and they had huge amount of Rs 2,000 Notes and if he provided Rs 500 notes in exchange they would pay 20 percent extra amount.

On hearing the version of the accused, Prabhakar secured money Rs 1.9 crore from his friends and relatives and informed the same to the accused. On Saturday morning, the accused came to the complainant near LB Nagar Metro station and were planning to knock away the amount by cheating. On information, the SOT LB Nagar Team and LB Nagar Police apprehended the four persons along with cash about 1.9 crore.

The accused would be produced before the court after the thorough examination.