The Commissioners Task Force, Central Zone have arrested five suspects including a B.Tech student for allegedly possessing old demonetized noted with them. The suspects have Rs. 1000 and Rs 500 notes about Rs 99 lakhs. The police are investigating the case how they got the old notes and all.

“They were trying to exchange the demonetised notes into valid currency on commission basis with agents,” police said.

The suspects found are V Sai Kumar Reddy (22 years) a resident of Church Colony in Uppal is pursuing B.Tech, T Sai (24 years) of Miyapur is a driver, T Prasad (35 years) who belongs to Guntur District is a realtor, B Nagendar (42 years) hailing from Jangaon District runs a grocery store and P Ram babu (36 years) of Gaddiannaram is a realtor.

The prime suspect was Sai Kumar who planned to collect old notes from a person named Praveen about Rs 99 lakhs. All these notes are demonetized notes which the gang is carrying to exchange the notes. The deal was set for 5 percent commission.

“As his family was facing financial problems, he wanted to cash in on the situation people were facing due to the demonetisation effect,” said B Limba Reddy, Deputy Commissioner of Police, Task Force.

“The deal was set with the agent for a commission of 5 per cent. Then Prasad shared the information with the mediators, Nagender and Rambabu, who accepted to exchange the money,” police officials said.

The task force has seized demonetized notes, six mobile phones, and handed them over to Ramgopalpet police station for further investigation.