Four persons were arrested in Hyderabad on Tuesday (September 9, 2025) for attempting to illegally exchange demonetised Indian currency notes of ₹1,000 and ₹500 denominations worth ₹1.92 crore. The accused were caught near a theatre in Narayanaguda, while trying to exchange the old notes with valid currency on a 30% commission.
The accused were identified as 46-year-old Mulla Abbas Ali alias M.A. Ali of Bengaluru; 46-year-old Mannelli Raj Kumar, a real estate consultant from Banjara Hills, Hyderabad; 43-year-old Tangella Krishna Mohan, a kirana shop owner from Jammikunta, Karimnagar; and 47-year-old Yada Jaya Kavitha Gupta, a financial facilitator from Bholakpur, Musheerabad.
Investigation revealed that despite an earlier arrest in Bengaluru in 2021 for similar offences under the Specified Bank Notes (Cessation of Liabilities) Act, the prime accused Abbas Ali, continued procuring demonetised currency from one Aziz of Kerala, who is currently absconding. Police said Ali, along with associates including another absconding suspect from Odisha, brought the old notes to Hyderabad in August 2025.
The group then contacted Raj Kumar and Kavitha Gupta to arrange exchanges, offering ₹1 crore in valid currency for ₹30 lakh in demonetised notes. The deal was set up for ₹1.92 crore, and the four were caught red-handed during the exchange attempt. Police said efforts are on to trace the absconding associates and further investigate the network behind the racket.
