Police on Tuesday intercepted a car and detained three traders with Rs 60 lakh in denomination of Rs 2,000 notes in Satara in western Maharashtra.
Police suspect the trio, who hail from Kolhapur, could be part of a racket involved in exchanging banned currencies of Rs 500 and Rs 1,000 for valid ones by charging a premium.
Upon receiving specific information about the activities of the trio, Satara crime branch officials laid a trap near a flyover in Bombay Restaurant Chowk and intercepted the car.
After searching the vehicle, police found 3000 pieces of Rs 2000 tender worth Rs 60 lakh.
“We suspect a racket is active in exchanging old scrapped notes for new ones by charging a commission of 30 to 40%. Investigation is going on accordingly,” Satara superintendent of police Sandeep Patil said.
The trio are identified as Sagar Aarde (45), Bhagwan Bhople ((50) and Umesh Kamble (48).
“We are questioning them to know the source from where they got such a large number of new bills,” Patil said, adding the help of Income Tax department is taken into the matter.