The Thane central crime detection unit has arrested one person, Ismail Chand Sayyed, 35, for having fake Indian currency notes valued at Rs1,93,500 while he was to exchange it with original currency. Acting on a tip off, the police officials laid a trap when they were informed that the accused was to come to Gulistan hotel in Shildaighar area in Thane and Sayyed was arrested on December 5 in afternoon hours. During investigation, the accused disclosed that the notes were fake and all were Rs500 notes. The accused was produced in court and he will remain in police custody for two days.

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The accused was booked under section 498 (tampering with property mark with intent to cause injury) of the Indian Penal Code.

D Ghevare, senior police inspector from Thane central crime detection unit, said, "We are investigating from where and how he managed to get such huge amount of fake currency. The accused is a resident of Mumbra. We have searched his house, but did not find anything. A case is registered with the Shildaighar police station and further investigation is on."