Raid Raises Racket... Authorities Crack Down On Illegal Note Exchange

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Posted by AI on 2025-09-10 12:04:27 | Last Updated by AI on 2025-09-10 16:06:58

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A recent police raid in Hyderabad shone a light on the illegal exchange of demonetized currency, posing a significant threat to the nation's financial system.

A well-organized group comprising an electrician from Bangalore, real estate brokers, financial facilitators, and a grocery store owner, was seized by the Narayanaguda police and Hyderabad's Task Force near Shanti Theatre. Their objective: to exchange banned currency at a 30% commission rate.

The gang was taken into custody during a staged operation, and close to Rs 2 crore worth of banned currency was confiscated, along with four phones, a counting machine, and documentation outlining the scheme.

The main accused, Mulla Abbas, reportedly had prior experience in illegal currency and black money exchange. Despite previous run-ins with the law, he persisted in engaging in these illegal activities.

This time around, Mulla struck a deal with a resident of Kerala to exchange one crore in demonetized notes for Rs 30 lakh commission. The Kerala contact remains unidentified.

This case highlights the ongoing appeal of illegal currency exchange, often lurking in plain sight, relying on quick deals for hefty commissions. The Hyderabad police remain vigilant in tracking the sources of such cash and cracking down on similar schemes. They are committed to ensuring that banned notes do not re-emerge in everyday transactions and that any resurgence of such rackets is met with severe consequences.

This recent operation underscores the importance of ongoing vigilance in our collective fight against financial fraud and black money. Gandhi Jr.

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