Crime branch transfers illegal notes exchange case to I-T dept
A team of crime branch officials in disguise were part of the exchange and had laid a trap for the accused.mumbai Updated: Dec 10, 2016 23:26 IST
Police have identified Kamlesh Shah — a businessman who deals in gold jewellery — as the key person behind the illegal currency exchange carried out in Matunga on Friday, in which Rs85 lakh was seized by the Mumbai crime branch.
A team of crime branch officials unit 5 — in disguise — were part of the exchange and had laid a trap for the accused.
Acting on inputs, they told his brother Hitesh Shah they wanted to exchange demonetised currency worth Rs1 crore. They were told they would get Rs85 lakh in new notes. After Hitesh was trapped, crime branch officials learnt that it was Kamlesh who was behind the scheme.
“We received information that Kamlesh was involved in the illegal exchange of currency and that Hitesh used to deliver cash on his behalf,” said an official from the crime branch.
“We told Hitesh that we wanted to exchange Rs1 crore in banned notes. After the meeting was set, our representative told the accused that a third party would arrive with the cash. We nabbed Hitesh while he was waiting,” said the officer.
Police officials also nabbed the four security guards present at the spot.
During questioning, Hitesh revealed that he is a real estate agent. He said Kamlesh would give him 30% of the profit from each financial transaction. A team of crime branch officials visited Kamlesh’s office in South Mumbai failed to find him there.
The crime branch has handed the case over to the Income Tax department, along with the seized cash and an Innova.