Nearly one and a half years after demonetisation, MIDC police detained three people and seized demonetised currency notes of Rs 500 and Rs 1000 amounting to over Rs 4.9 crore from a 5-star hotel in Mumbai’s Andheri on Thursday night.
The MIDC police conducted a raid after receiving a tip-off about two people, suspected of being in possession of a large amount of cash, hiding in VITS Hotel in Andheri East.
During the raid, cops found large bags containing demonetised notes of Rs 1,000 and Rs 500 denominations from their hotel room. The total value of the notes was Rs 4.93 crore.
“Three people have been arrested and the cash has been seized. There is a possibility of more people being involved in this”, a police official said.
All three accused are reportedly from Hyderabad.
Police have now launched an investigation to ascertain the source of the cash. Further probe is underway.
Back in November, 2016, Prime Minister Narendra Modi had banned Rs 1,000 and Rs 500 notes overnight in a bid to curb corruption and eradicate black money.
Since then, law enforcement agencies have recovered banned currency worth hundreds of crores and arrested several people for trying to exchange black money with valid tenders.Back to latest news