The Central Zone Task Force has arrested four persons involved in an illegal operation to exchange demonetised Indian currency notes for valid currency.
Acting on credible information, the Task Force apprehended the gang in Abid and seized demonetised currency worth ₹55,52,500 in ₹1,000 and ₹500 denominations.
The arrested have been identified as Syed Muzammil Hussain (48), the prime accused, along with his associate Amzad Khan (42), and two agents, Palthi Bhaskar (46) and Shaik Naseema (50).
According to the police, the gang attempted to defraud the public by offering large commissions in exchange for old currency notes, despite the legal tender status of these notes having been revoked.
Investigations revealed that Syed Muzammil Hussain, a businessman from Langer House, had earlier worked in real estate before moving to Saudi Arabia in 2006.
Upon his return in 2019, he found that his family had concealed ₹30 lakh in demonetised currency to evade income tax. “After failing to exchange the money through legal means, he, along with his associate Amzad Khan, amassed an additional ₹25,52,500 in demonetised currency through intermediaries,” said the police.
The duo later partnered with agents Palthi Bhaskar and Shaik Naseema, offering them a 5% commission to find buyers willing to exchange the old notes. On the night of March 15, the accused gathered at a hotel in Abids, attempting to trade the demonetised currency at a 10% commission.
Acting swiftly on intelligence, the Central Zone Task Force team detained the suspects and seized the currency.
The arrested individuals, along with the seized notes, have been handed over to the Abids Police Station for further investigation.
Published – March 16, 2025 06:43 pm IST
