Four persons were arrested after demonetised notes with a face value of Rs 3.50 crore were found in their car in Gujarat's Navsari district, police said Monday.
A Crime Branch official said the car was coming from Mumbai and was intercepted in Bilimora, over 280 kilometres from here, at around midnight.
"There were 43,400 notes of Rs 500 denomination having face value of Rs 2.16 crore and 13,432 notes of Rs 1000 denomination having face value of Rs 1.34 crore. The total face value of the notes is Rs 3,50,82,000," the official informed.
He identified the arrested persons as Jitendra Panigrahi, Mohammad Momin (Mumbai), Fakir Motorwala and Altaf Sheikh.
Preliminary probe has revealed the accused were supposed to hand over the scrapped notes to a person in Navsari for a commission, he said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)