In a major crackdown, the Delhi Police Crime Branch has recently seized demonetised currency worth several crores during a raid. Rs 3.5 crore in Rs 500 and Rs 1000 notes have reportedly been recovered in a significant operation near Shalimar Bagh Metro Station Gate No. 4. These notes were declared invalid after demonetization was announced in November 2016.
Police arrest four suspects
So far, Delhi Police detained four individuals, identified as Harsh, Tek Chand, Lakshya, and Vipin Kumar at the scene, acting on a tip-off, Aajtak reported. A police team conducted a raid and seized multiple bags filled with demonetized currency. The accused were trying to buy these notes at a low price and then resell them, reports added. Meanwhile, two vehicles used in this illegal trade were also seized at the scene.
How did the accused trick people?
During questioning, the suspects revealed that they were deceiving people by claiming that this currency could be exchanged at the Reserve Bank of India (RBI). Based on this false claim, they were buying banned Rs 500 and 1000 notes at a discounted rate and reselling them. Moreover, the accused lacked any valid documents to keep these notes.
Investigation Underway
Under the Specified Bank Notes (Cessation of Liabilities) Act, 2017, it is illegal to buy, possess, or sell banned notes after demonetisation. A case has been registered against the suspects under sections related to cheating, criminal conspiracy, and the demonetization law.
Meanwhile, an investigation is underway to ascertain if they have other accomplices and how banned notes worth several crores came into their possession. The news sparks concerns about the ongoing illegal, banned notes trade.
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