Hyderabad | Two persons, who allegedly posed as policemen and extorted Rs 50 lakh in demonetised currency notes from a man promising him the money would be exchanged, were on Thursday arrested in the Cyberabad area here, police said.
Ravinder Reddy, an insurance agent, and R Raju, a former home guard, were arrested while co-conspirator Naresh, an MBA student, was absconding, said Deputy Commissioner of Police P V Padmaja.
Rs 37 lakh were seized from the possession of the duo, the DCP said.
Reddy had allegedly promised the complainant to arrange exchange of his cash of Rs 50 lakh in demonetised currency without going to the banks. The complainant drove to Attapur area from Secunderabad in a car on Tuesday night, carrying the cash, they said.
On the way, Raju and Naresh who were riding a bike overtook the car at an isolated place and forced it to stop.
Posing as policemen, they asked him to show his ID proof and questioned him about the huge amount of cash, saying it was black money. They threatened that 200 per cent penalty will be imposed on him and a case will be filed. They asked him to hand over the cash bag. When he resisted, the duo snatched it away and fled.
A case under section 384 (extortion) of the IPC was registered following which Reddy and Raju were arrested, and Rs 37 lakh seized from them, the DCP said.
Padmaja appealed to the people not to fall into the trap of such rackets, which claim of exchanging the old currency notes outside the banking system.