Police on Tuesday seized demonetised currency notes having a face value of Rs 99.97 lakh from a bus and nabbed a local resident, an official said.
The scrapped banknotes in denominations of Rs 500 and Rs 1000 were found stuffed in a bag carried by one Vinod Shah, a resident of Surat, when he was returning from Mumbai.
Prima facie, Shah was supposed to hand over the bag to one Maheshbhai in Surat.
"Shah claimed that an acquaintance handed him the bag in Mumbai who asked him to hand it over to Maheshbhai in Surat. Further investigation is underway," said an official from Poona police station.
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