A day after the seizure of nearly Rs 97 crore in demonetised notes in Kanpur, the Uttar Pradesh police recovered Rs 50 lakh in old notes from a hotel room in Aligarh, police said today.
The seizure was made during a raid yesterday following a tip-off, Superintendent of Police (City) Atul Srivastava told reporters.
Five people who were trying to strike a deal with another person to exchange the banned Rs 500 and Rs 1,000 notes were nabbed on the spot, he said.
They had hired a room in a hotel in Masoodabad locality under Bannadevi police station area.
The police booked the five -- Bhubaneswar Kumar, Nitin Agarwal, Nitin Srivastava, Gajendra and Pradeep Kumar -- under section 420 (cheating) of the IPC.
The person with whom the deal was being struck is on the run.
The recovery of the old currency notes here threw policemen into a tizzy as the matter came to light just a day after nearly Rs 97 crore in demonetised currency notes were found in gunny bags and stacked in trunks and inside the bed from the house of a builder in Kanpur.
As many as 16 people were arrested in Kanpur, including four involved in the conversion of illegal money.
The Centre had banned currency notes in the denomination of Rs 500 and Rs 1,000 in November, 2016 to flush out black money, eliminate fake notes and stop terror-funding.
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