Hyderabad: The Central Zone Task Force arrested six people with demonetised currency and seized old currency worth Rs 1 crore from them on Friday.

The arrested men are Raj Kumar Bagadi, 51, a petrol pump owner, Ahmed Bin Ali, 30, Mohd Salman, 28, Mohd Shabeer, 43, Mohd Ahmed Shareef, 30, and Pedda Shetty Reddy Sekar, 63.

“Ahmed was arrested in April by Sultan Bazaar police while trying to exchange demonetised currency. Raj Kumar asked Ahmed about exchange possibilities and the commission for it. Ahmed asked him to invest in new Indian currency to procure old Indian currency for low commissions and to exchange them at higher commissions. As such, in July, Ahmed contacted Salman and Shabeer, who brought a party from Karimnagar district and Raj Kumar invested Rs12 lakh in new currency and procured old notes worth Rs 1 crore. Since then, Raj Kumar and Ahmed were trying to exchange the old currency for higher commissions. For this, Ahmed contacted his friends and they arranged a party,” said Commissioner's Task Force DCP B. Limba Reddy.

As per their plan the gang gathered at Raj Kumar’s house at Barkatpura and were waiting for a party when the police apprehended them