INDORE: In probably the largest haul of cash since demonetisation in city, four men were arrested for carrying around Rs 65 lakh in old scrapped currency notes of Rs 1,000 and Rs 500 denomination in a car near Kanadia area on Tuesday evening.
Police suspect the quintet to be part of an illegal money exchange racket, which may have deep roots and is being run clandestinely for converting the invalid currency into the valid denominations for a hefty commission.
“We had been keeping an eye on the illegal hoarders of cash. Acting on a tip-off, a police team chased and caught the men. Rs 64, 35,000 was stashed in the boot of the vehicle,” Kanadia police station in-charge
Jagdeesh Goyal
told TOI.
During questioning the men revealed that the notes were collected illegally and they were waiting to deliver it to someone. They had collected the cash from some money hoarders and were taking it to deliver it to someone for an exchange.
The crime branch is also probing into the illegal currency exchange racket. Police suspect some government bank officials may be helping them.
Two of the accused including Parmindar alias
Pammi
, resident of
Sant Nagar
and Sanju Kitwani, resident of Limbodi are from Indore, whereas the other two including
Mohommad Raees
and
Rohit Jaktap
are residents of Sehore.