Demonetised currency notes of Rs 500 and Rs 1,000 denominations totalling Rs 29.97 lakh were seized from a 27-year-old youth by officials here.
"Acting on a tip off that one person was to come near Teen Hath Naka with demonetised currency for exchanging it police kept a vigil and on questioning him the man admitted that he had demonetised notes," police inspector Madan Ballal of Crime Branch Unit V Wagle Estate said.
The 27-year-old man is a resident of Santacruz in western suburbs and works as an accountant with a real estate developer in Mumbai, said police.
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Preliminary probe has revealed and Yadav had come to exchange it for a commission, said police.
He has been handed over to the Income Tax department for further action, police added.
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