Cash crisis: 3 held, Mumbai cop suspended for promising new notes totalling Rs3 crore

Three people were on Thursday arrested and an assistant police inspector (API) attached to Santacruz police station was suspended for allegedly duping a contractor by promising him new notes in exchange for the demonetised Rs500s and Rs1,000s with a face value of Rs3 crore.

Three people were on Thursday arrested and an assistant police inspector (API) attached to Santacruz police station was suspended for allegedly duping a contractor by promising him new notes in exchange for the demonetised Rs500s and Rs1,000s with a face value of Rs3 crore.

A departmental enquiry will be conducted against the API, Sanjay Mali, and if found guilty, action will be taken against him.

One of the arrested accused is a home guard, the police said.

A departmental enquiry will be conducted against the API, Sanjay Mali, and if found guilty, action will be taken against him.

Joint commissioner of police (law and order) Deven Bharti confirmed the development.

Read: Demonetisation: When anger is greeted with a smile at banks in Mumbai

“The incident took place around noon on Tuesday near Santacruz railway station . The complainant, Sanjay Naik, is a contractor. Naik’s friend told him that he has contacts who can get his old notes swapped for the new ones for a commission. Naik agreed and they went to the railway station,” the police said, adding, “The three accused men, including the home guard identified as Raju Sawant, met Naik and his friend who were.”

The trio told Naik and his friend they will arrange the new notes with the help of their source at a bank in Santacruz (West) and amount will be delivered either in cash or through RTGS transaction, the police said.

“The five men started walking towards the bank through a busy market area. Taking advantage of the crowd, the trio made off with the money and Naik couldn’t find them,” said a police officer from Santacruz police station.

The trio was traced and arrested on Thursday. The role of the complainant’s friend is being probed. A police source said, “We are recovering the money and we are probing the role of the API too.”