3 Arrested For Carrying Rs1.2 Crore Demonetized Notes 

Hyderabad: Three persons were arrested on Thursday at Punjagutta for possessing demonetized notes worth Rs1.2 crore. DCP B. Limba Reddy said that accused Saleem Tamimi, a Karate teacher, real estate broker L. Subba Reddy and Mohammed Alim, a businessman, had planned to exchange scrapped notes in the denomination of Rs500 and Rs1,000.

The accused waited to exchange the old notes with prospective customer near Nova Hospital beside GVK One, and on a tip off they were tracked down. The official said that probe is on to find other associates in the crime.