Hyderabad: The Hyderabad Task Force police on Friday confirmed that the film production managers who were arrested at Jubilee Hills on Thursday were trying to exchange the Rs 7 crore demonetized currency on commission basis.
The police earlier arrested Puranam Purushotham,50, film production manager and a resident of Rainbow Vistas, Rock Garden, Kukatpally and Palati Srinivasa Rao,45, film production manager and a resident of Parvathnagar, Borabanda. While the absconding suspect is M. Koteshwar Raju, proprietor of JyoStar Enterprises and a resident of Chennai.
According to the police, Koteshwar Raju established JyoStar, a movie banner in Chennai in 2016. He produces Telugu and Tamil films under the same production house. Purushotham earlier worked as an interior designer but incurred loss in 2010 and quit. Srinivas who started his career as a light man turned into a production manager and works for different banners.
Policde said both joined JyoStar Enterprises as production managers for Telugu movies. They were operating from their Hyderabad office Road no 71, Jubilee Hills, Hyderabad.
DCP B.Limba Reddy said Koteshwar informed the duo about having old currency and asked them to exchange it with new notes andoffered them commission.Few days ago Koteshwar came to the city and handed over the demonetized currency in denomination of Rs 500 and Rs 1000. The duo hid the currency in the office and were searching for persons to exchange when they were nabbed.
The duo and the demonetized currency were handed over to the Jubilee Hills police for further action.