Man held for bid to exchange Rs 90 lakh in old notes

A 33-year-old man was arrested from Panjagutta area today for allegedly trying to exchange demonetised currency having a face value of Rs 90 lakh, the police said.
Ch Satya Haribabu, who is into real estate business, was held when he was trying to exchange the scrapped currency notes of Rs 500 and 1,000 denominations, a Hyderabad Police release said.
According to police, Haribabu had last month received Rs 90 lakh demonetised currency from one Koteshwar Rao, who too is into real estate business, and brought the money to Hyderabad from Vijayawada for exchanging the same for a commission.
Rao is absconding, police said.