Ghaziabad police seize scrapped currency notes worth Rs 1 crore

Ghaziabad: It's been over 19 months passed since the Central Government announced demonetisation to put a ban on old high-value currency notes of Rs 500 and Rs 1,000 but some people have still continued to hide a large amount of banned currency notes with a hope of somehow getting them exchanged with the new currency notes.

Even though the banks have shut their operations of currency conversion but it is being still illegally converted by some agents against high commission rates.

In one such incident, the Ghaziabad police on Monday night seized scrapped currency notes worth Rs 1 crore, which were being taken from Ghaziabad to Nepal. The police intercepted the two cars carrying the cash in Kavi Nagar area of Ghaziabad. Around 10 persons have been arrested who are the agents and were going to deliver the money to a dealer against commission, said police.

"We received a tip-off about some persons going towards Kavi Nagar area with a huge amount of demonetized currency notes. The 10 accused were travelling in two separate cars and were stopped for checking by the police. Upon checking the vehicle, police recovered Rs 50 lakhs cash in each car in demonetised currency notes worth Rs 1000 and Rs 500" said Vaibhav Krishna, Superintendent of Police, Ghaziabad.

All the ten occupants of the car, who have been arrested by the police, are agents and were promised 3-4 per cent commission for getting the notes exchanged.

The arrested accused have been identified as Avtar Singh, Gaurav Garg, Arun Gutpa, Rajesh Kumar, Pintu, Rahul Kumar, Deepak, Rahul Sharma, Kavya and Sachin Kumar. They all hail from different parts of Delhi and NCR region.