Crime branch seizes ₹85 lakh in new currency from Matunga | mumbai news | Hindustan Times
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Crime branch seizes ₹85 lakh in new currency from Matunga

The men were to get Rs85 lakh in new notes, in exchange for Rs1 crore in banned notes

mumbai Updated: Dec 10, 2016 00:32 IST
Sagar Rajput
demonetisation
The car from where the notes were seized.(HT Photo)

The Mumbai crime branch unit 5 detained seven people involved in exchanging new currencies for the old on Friday. Officials seized Rs 85 lakh in new currency.

Police officials said a SoBo businessman had sent his representative Hitesh Shah and three associates to a spot in Matunga (East) with the new currency. The others arrived anticipating an exchange at a loss of 15%.

Shah and the three people who wished to exchange their old notes were sitting in the car when the police arrived, having received a tip-off about the illegal transaction.The police said the accused possessed Rs72 lakh in notes of Rs2000 notes Rs13 lakh in notes of Rs100.

“The businessman’s representative was sitting in the car with three from a second party. The businessman’s associates were waiting outside. The deal was struck at a loss of 15%, wherein the second party would get Rs85 lakh in the new currency, in exchange for Rs1 crore in demonetised notes,” said an officer from the crime branch.

However, the police officials have not been able to recover the old notes.

Since demonetisation was announced, several instances of duping have taken place, of which the police have registered a few. Recently, a SoBo businessman was duped of Rs50 lakh by a tea vendor. In another case, aSoBo businessman was cheated of Rs57.5 lakh by four people who told him they would use the demonetised notes to help him buy a flat.

“We have detained all seven men and will hand them over to the Income Tax department. After the IT department completes their enquiry, we will see if they register a case,” said an officer from the crime branch.

Deputy commissioner of police Ashok Dhude (spokesperson) confirmed the seizure. “No one has been released. Our investigation is ongoing,” he said.

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