Scrapped notes of Rs 1.70 cr face value seized; bizman held

A 36-year-old businessman has been arrested from suburban Powai and demonetised currency notes with face value of Rs 1.70 crore were seized from him in a joint operation of Juhu unit of Anti Terrorism Squad (ATS) and police, an official said today.
The scrapped currency in Rs 1,000 and Rs 500 denominations of Rs 1.70 crore was recovered on the specific tip-off on April 2 at 3 pm from the office of businessman Ajay Rajendraprasad Gupta (36). His office is located at Saki vihar Road in Powai, police said.
Powai police have registered an offence against Gupta, official said.
"Police have arrested Gupta in this case and produced before the court, where he was released on bail later," Vinayak Deshmukh, Deputy Commissioner of Police (Zone-X) said.

Information about the money seizure was shared with Income Tax department too, he said.
During the inquiry, Gupta told police that he had gone to deposit the amount in RBI on March 31st. However, his turn did not come till evening. After getting the information about the extension of date, he had returned to office with the scrapped currency notes.
"Our investigation in this case is on and we are verifying Gupta's claim," said DCP Deshmukh.