The Thane crime branch detained three people after seizing Rs1.04 crore in new notes on Tuesday.
According to police, the three men, Haresh Rawat, Gaurav Petha and Minsan Rambiya, had gone to exchange the notes for lower denomination notes on a 20% commission at Thane.
While Rawat and Petha run a business of spare parts, a sweet shop and also dabble in real estate, Rambiya runs a catering business, police said. All the three are residents of Borivli.
On Tuesday around 8pm, the Thane crime branch got a tip-off and rushed to the spot near Thane civil hospital from where they caught the three people and during investigation, police found Rs1.04 crore, which was seized immediately.
A police officer said the entire amount were in Rs2,000 notes. “We are investigating where they managed to get such a huge amount. A couple of days ago, three people from Ulhasnagar were detained with Rs9.50 lakh approximately”.