Around Rs one crore in demonetised currencies were seized from a finance company's office in suburban Mulund, the police said today.
Five persons, including two employees of the financial company, were arrested in this regard, a senior officer said.
The incident came close on the heels of the seizure of Rs 2 crore in the scrapped notes from a car in suburban Bandra on Wednesday.
"The banned notes were kept at the company's office located at Parmeshwari Plaza in Mulund, for exchanging them with new currencies last night," the DCP (Zone VII), Sachin Patil told reporters at a press conference.
He said the seized banknotes comprised 9964 pieces in denomination of Rs 500 and 4998 pieces in denomination of Rs 1000.
The officer said two of the five accused are employees of the financial company.
All the five accused were present in the office when the police seized the banknotes.
"None of them could explain about the possession of the bank notes and could provide details, following which they were arrested," Patil said.
They are identified as Haresh Desh Mehre, Vipul Jain, Malai Doshi, Kung Patel and Krishna Nadar.
Another senior official said it seems the accused were at the office for some kind of business dealing.
"The exact nature of their involvement is being probed. The source of money and their intended destination is also being investigated," he said.
On Wednesday night, police had seized Rs 2 crore in the scrapped notes from a car in suburban Bandra and arrested four persons, who turned out to be the employees of a financial company in suburban Andheri.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)