Demonetisation: Police seize Rs 1 cr in scrapped notes; detains 3

Police on Monday seized demonetised notes with a face value of Rs 1 crore and detained three persons for allegedly trying to exchange them with new bills.

Acting on a tip-off, Crime Branch sleuths detained three persons in Kishanpara chowk area with a handbag containing scrapped currency notes in Rs 1,000 and Rs 500 denominations with a face value of Rs 1 crore, said police sub-inspector Atul Sonara.

"The trio had come to the city from Bhavnagar and their movement was suspicious. When we searched their handbag we found 7,900 pieces of Rs 1,000 notes and 4,200 pieces of (old) Rs 500 notes in it. They were detained for further questioning," Sonara said.

"The three told us they were looking to exchange these demonetised notes with new notes for a 30 per cent commission. We have informed the I-T department," he added.

The detained persons were identified as Asfaq Sheikh, Mustafa Saiyad and Mohammad Zahid, he added.