Hyderabad: Hyderabad police arrested four individuals on Tuesday for possessing demonetized ₹1,000 and ₹500 currency notes worth ₹1.92 crore, which they were allegedly attempting to exchange for valid currency at a 30% commission. The operation took place near Shanthi Theatre in Narayanaguda.
Acting on credible intelligence, the East Zone Task Force, in coordination with Narayanaguda Police, apprehended the accused in a joint operation. Officials also seized four mobile phones and a currency counting machine from the scene.
The arrested individuals were identified as:
- Mulla Abbas Ali alias M.A. Ali (46), an electrician from Bengaluru with a previous case under the Specified Bank Notes (Cessation of Liabilities) Act, 2017.
- Mannelli Raj Kumar (46), a real estate consultant from Banjara Hills, Hyderabad.
- Tangella Krishna Mohan (43), a kirana shop owner from Jammikunta in Karimnagar district.
- Yada Jaya Kavitha Gupta (47), a financial facilitator from Musheerabad, Hyderabad.
Hyderabad police seize ₹1.92 crore in banned currency, arrest four
Police said the prime accused, M.A. Ali, had been previously arrested in a similar case by Bengaluru police in 2021. Despite that, he resumed illegal activities and sourced additional demonetized notes from a person identified as Aziz from Kerala, who is currently absconding.
In August 2025, Ali arrived in Hyderabad with co-accused Krishna Mohan and another absconding suspect named Libbu from Odisha. The group began scouting for potential contacts to offload the banned notes. During this process, they engaged Mannelli Raj Kumar and Yada Jaya Kavitha Gupta, who agreed to take the currency at a discounted exchange rate.
On September 9, when all four suspects assembled at Narayanaguda to execute the illegal transaction, police apprehended them. Authorities recovered ₹1,92,50,000 in demonetized currency notes, along with mobile phones and a counting machine.
The arrests were made under the supervision of A. Nagarjuna, Inspector of Police, East Zone Task Force. The operation was led by Sub-Inspector S. Karunakar Reddy and his team, in collaboration with Narayanaguda Police.
