The Hyderabad police on Tuesday arrested a 33-year-old man from Punjagutta after he allegedly tried to exchange demonetised currency worth Rs 90 lakh.
The police said that the accused, identified as Satya Haribabu, was a real estate businessman and was held with scrapped currency notes of Rs 500 and Rs 1,000.
PTI reported that Haribabu had received Rs 90 lakh in demonetised currency last month from one Koteswar Rao, who was also in the real estate business.
Following this, he brought the money from Vijayawada to Hyderabad, to exchange it for a commission.
The Task Force which arrested Haribabu, said that they caught him red-handed as he reached Nova Hospital near GVK One Mall in Punjagutta, and was trying to negotiate a deal.
The other suspect, Koteswar Rao, is reported to be absconding.
Earlier this month, the Task force police busted two gangs from Hyderabad and detained seven members across Rajanna Sircilla district in Telangana for fraudulently exchanging old currency.
Officials seized a car and four mobile phones from the accused, besides Rs 1.60 lakh in demonetised notes.
In September, the Central Zone Commissionerâ€™s Task Force Demonetised seized currency worth Rs 57.5 lakh in Hyderabad.
Three people were arrested in the incident, after they attempted to exchange the notes with agents for a commission, near the Mother Theresa Statue on St Johnâ€™s Road in Regimental Bazaar.
However, one of the biggest arrests happened in August, when a team of the Central Zone Task Force of police raided a house in Barkathpura area in Hyderabad and found Rs. 1 crore in scrapped notes.
The arrested men were identified as Raj Kumar Bagadi, owner of a petrol pump in Putli Bowli area; Ahmed Bin Ali, owner of a sports showroom; Mohammed Salman; Mohammed Shabeer, a textile businessman; Mohammed Ahmed Shareef and Pedda Shetty Reddy Sekar, a retired Postal Department employee, NDTV reported.
Following this, a case was registered with the Kachiguda police.