The Mumbai Crime Branch on Friday seized Rs 85 lakh in new currency notes during a raid in Dadar, and detained two people in connection.
According to preliminary information, the officials received a tip-off about one crore in newly issued notes being moved within the city in particular vehicle.
The cops acted on the tip-off and manage to apprehend two people from Hindi Colony area in Dadar.
The accused were caught with Rs 85 lakh in new Rs 2000 notes and are suspected of being involved in money laundering. The Toyota Innova car in which they were travelling has also been confiscated.
The police are currently questioning the duo about the source of cash and also trying to ascertain if the remaining Rs 15 lakh was exchanged or dropped before they were caught.
Since Prime Minister Narendra Modi announced the decision to demonetize Rs 500 and Rs 1000 notes, there has been a massive surge in the number of cases where undeclared money is being converted into new currency.
However, all agencies like the CBI, Enforcement Directorate, local police and the Income Tax department have been trying to crackdown on such transactions.
Earlier today, police arrested four people who were carrying new notes worth Rs 76 lakh in Surat.
On Thursday, Income Tax department had seized at least Rs 106 crore in cash, including Rs 10 crore in new currency, and gold bars weighing 127 kg in searches at multiple locations in Chennai. It is the biggest seizure of new currency notes since demonetization.Back to latest news