7 held with Rs 85 lakh in new currency

The Mumbai Police crime branch on Friday seized cash worth Rs 85 lakh, comprising Rs 72 lakh in the new Rs 2000 denomination notes and Rs 13 lakh in Rs 100 notes, from a Toyota Innova car at Dr Babasaheb Ambedkar Road in Matunga. The police have also detained seven persons who were allegedly involved in a deal to exchange old demonetized notes for the new notes.

The Innova, in which the accused were transporting the cash, was also seized by the police.

According to the Mumbai Police, Unit 5 of the crime branch had received a tip-off on Friday that new currency notes worth Rs 1 crore would be moved in a vehicle within the city to convert black money into white. Acting on the information, the police laid a trap, followed the Innova and nabbed the accused.

"The police detained four persons from the car who were carrying the new notes and recovered Rs 85 lakh from them. However, the other three accused who were supposed carry the demonetized currency of Rs 500 and Rs 1000 notes, did not turn up with the money. Further investigations are on, and soon everything will be clear," said a senior Crime Branch officer.

According to sources, the accused have been engaging in a money laundering racket following the demonetization move.

"The Mumbai Police Crime Branch is investigating the case. We have also informed the Income Tax department and are getting assistance from them. As of now, no one has been released and a thorough inquiry is going on," said DCP Ashok Dudhe, Mumbai Police spokesperson.