Hyderabad: 7 held for trying to exchange Rs 1 cr worth demonetised notes

They were arrested from Uppal area in the city. (Representational Photo)

Seven people, who allegedly tried to exchange demonetised currency and scrapped notes with a face value of over Rs one crore, were arrested in Hyderabad on Thursday, police said.

Syed Durvesh Quadri and six others were found in possession of demonetised Rs 500 and Rs 1000 currency notes with a face value of Rs 1,00,87,000, a press release from Rachakonda Police Commissionerate said.

They were arrested from Uppal area in the city. They were trying to exchange the old currency notes with new currency notes on commission basis, it said.