Sanjay Mali, attached to Santacruz police station, has been suspended and his involvement in the alleged duping of Sanjay Naik, on the pretext of exchanging Rs three crore from a bank in Santacruz, is being probed, the official said.
"An inquiry is going on against Mali in this connection," a senior police officer told PTI.
Police had yesterday arrested three persons for cheating Naik on the pretext of exchanging his money from a bank in Santacruz on Tuesday.
The accused, whose names have not been disclosed, were arrested and a case under section 420 (cheating) of IPC was slapped on them, police had earlier said, adding more arrests were likely in connection with the incident.
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