Four held with demonetised notes worth Rs1.98 crore in Mumbai

The four men were caught at Dombivli’s Palava City; police said the exchange rate for demonetised notes in the black market was 20% of original amount.

The central crime detection unit, Thane, arrested four people with demonetised currency worth Rs1.98 crore in Dombivli on Tuesday.

Investigation revealed that the exchange rate for demonetised notes is 20% of the original amount.

The incident took place at Palava city in Manpada, Dombivli.

The central crime detection unit received a tip-off that four people were coming in a car to exchange old currency notes. “We formed a team and rushed to the spot and nabbed the four accused,” said D Gheware from the unit.

The four accused have been identified as Ajit Surve, 57, Ravindra Choudhary, 34, Padamsingsh Bisht ,27, and Prakash Patil, 34.

“The exchange rate for demonetised notes was 20-25% of the original amount,” the officer said. “We are questioning the accused to know more about their reserve of banned notes and are also keeping our networks alert about such cases.We have registered a case at Manpada police station.”

In a similar case, a 28-year-old man was arrested by the Thane crime branch on Tuesday for carrying Rs1.4 crore in demonetised notes. Police said they are now searching for three of his accomplices.

Investigation revealed that the exchange rate for demonetised notes in the black market was 20% of the original amount.