Five people including two chartered accountants (CA) were arrested with demonetised currency worth Rs99.8 lakh on Thursday night at a commercial complex in Mulund.
The arrested accused have been identified as Harish Deshnehre, 30, Vipul Jain, 39, Malay Doshi, 27, Junj Patel, 27, and Krishnakumar Nadar, 45. Police seized 9,964 notes of Rs 500 denomination and 4,998 notes of Rs 1,000 denomination.
Police said Doshi and Patel are CAs and they had loaned some money to a man called Mandar, a Chembur resident. When Mandar was unable to pay back the amount, he allegedly offered demonetised notes to them. “The CAs thought that they would exchange the notes with someone for a commission and keep whatever money would be left,” said a police officer requesting anonymity.
Sources said the two CAs and three accomplices were about to meet at Parmeshwar centre in Dalmiya estate in Mulund (west) with the currency and the cops laid a trap to catch them. The police were tipped off about the currency being stocked at the location. “We are investigating about the backward and forward linkages of the currency,” said Sachin Patil, deputy commissioner of police, Zone 7.
Mandar, who allegedly gave the currency to the accused, is at large. The Income Tax department has been alerted for further investigations. Police suspect involvement of more people in the case. Investigations are on to ascertain how they were going to exchange the notes.
Last Wednesday, The Mumbai police intercepted three vehicles, one in Tardeo and two at Antop Hill, collectively carrying Rs 2.56 crore in demonetised notes. Five people were held in connection with the case.