Four Arrested in Hyderabad with ₹1.92 Crore in Defunct Currency

Speedy Summary

• Four persons were arrested in Narayanaguda, Hyderabad, on September 9, 2025, for attempting to illegally exchange demonetised Indian currency notes worth ₹1.92 crore.
• The seized currency included old ₹1,000 and ₹500 denomination notes exchanged at a 30% commission rate.
• The accused are:

– Mulla Abbas Ali (46): From Bengaluru with prior arrests related to similar crimes.
– Mannelli Raj Kumar (46): Real estate consultant from Banjara Hills, Hyderabad.
– Tangella Krishna Mohan (43): Kirana shop owner from Karimnagar district.- Yada Jaya Kavitha Gupta (47): Financial facilitator from Musheerabad area of Hyderabad.

• Abbas ali obtained demonetised notes from Aziz in Kerala (currently absconding), and another suspect from Odisha is also missing. They transported the currency to Hyderabad in August 2025 for illegal exchanges involving Raj Kumar and Kavitha Gupta.
• Police intercepted the suspects near a local theater during the transaction and are continuing investigations into the network behind this operation.

Indian Opinion Analysis

This incident underscores persistent attempts by individuals to circumvent India’s demonetisation policy announced in late 2016. Despite legal frameworks like the Specified Bank Notes (Cessation of Liabilities) Act designed to outlaw transactions involving discontinued banknotes completely, such rackets suggest ongoing demand for illicit conversions.

The arrests reflect both weaknesses exploited by organized networks for profit as well as proactive law enforcement efforts that could dismantle broader illegal operations across states like Kerala and Odisha involved here. Tackling these crimes requires cross-border coordination among police forces as rackets frequently enough span multiple regions over time-highlighted by Abbas Ali’s repeated offenses despite prior arrest records.

For India’s economy, stringent enforcement paired alongside public awareness might limit financial crime arising surrounding suspended mechanisms systems reliance substitutes realities others can loopholes Trust loss driving long-term cashless shift goals might benefit ensuring strong policies reality remains trajectory transitions flaw-proof possibilities needs evolution cycle smooth-disciplinary adaptations Read Full Coverage