The police earlier arrested Puranam Purushotham (50) and Palati Srinivasa Rao (45), two film production managers red-handed with Rs 7 crore demonetized currency. Upon inquiry, it was unearthed that the money allegedly belonged to M. Koteshwar Raju, a Chennai-based film producer who has been making Telugu and Tamil films on his JyoStar Enterprises banner since 2016. Rajasekhar’s upcoming film ‘PSV Garuda Vega’ is his latest production venture.
Police said both Purushotham and Srinivasa Rao joined JyoStar Enterprises as production managers and have been operating from their Hyderabad office situated at Road no 71, Jubilee Hills, Hyderabad.
A few days ago, Koteshwar Raju came to Hyderabad and handed over them the Rs 7 crore demonetized currency. He promised them 10% commission for exchanging the full sum. The duo then hid the currency in their office at Jubilee Hills and were searching for persons having connections to exchange the money.
Acting on a tip-off, the Central zone Task Force police nabbed the duo on Thursday. The exact source of money will only be ascertained when the absconding Koteshwar Raju is taken into custody. Manhunt is on for him.
Since one of the arrested production managers, Srinivas Rao happens to be a close aide of Jeevitha-Rajaskehar couple, the incident hogged full media attention.