HYDERABAD: In a major crackdown on money laundering in the city post-demonetisation , 58 lakh in new 2,000 notes was seized and eight men detained in the wee hours of Monday by Santosh Nagar police.It was during a search operation in IS Sadan area under Santosh Nagar police station limits that cops intercepted a Hyundai Verna and discovered the cash in it.Cops identified the eight accused as Manjipeta Shashi Vardhan Reddy (38), Ravindra Chary (25), M Nagendra (37), N Guru Mohan Reddy (37), T R Mohan Reddy (42) , M Chennaiah (40), P B Muni Reddy (45) and G R Goverdhan Reddy (36). Manjipeta Reddy and Chary hail from Telangana, Nagendra is from Kurnool and the rest are from Kadapa in AP.The accused said that they took money in new currency from residents of villages from where they belong on a commission between 8% and 10%. They then arrived in the city, intending to exchange this new currency with the demonetised currency of 500 and 1,000 at a commission of 25-30%. After this the plan was to deposit old currency notes in the bank accounts of those who gave them the money. In the process making quick and easy money for themselves.The deputy commissioner of police (south zone) V Satyanarayana said that the accused would be handed over to the income tax department.Cops have appealed to citizens to beware of such ‘mediators' and not fall prey to them. Several instances have come to light in which unscrupulous persons have attacked people and later fled with their cash. "We are also appealing to citizens to immediately inform police or income tax officials if they receive information of people indulging in such practices," Satyanarayana said.