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Demonetisation row: Rs 1 crore in old notes found inside car in Navi Mumbai, 4 arrested

 Agencies |  2016-11-20 12:54:49.0  0  Comments

Demonetisation row: Rs 1 crore in old notes found inside car in Navi Mumbai, 4 arrested

Mumbai: Navi Mumbai crime branch on Friday arrested two real estate agents, who tried to convert their old Rs 500 and Rs 1,000 notes to a new Rs 2,000 notes. The cops were shocked to find Rs 1 crore cash worth of old notes from the accused. Two men were also arrested along with the real estate agents, who had promised to replace the old note with a new one and had asked for 30 per cent commission on the transaction, the police said.
According to reports, the Navi Mumbai Crime branch acted over a tip-off that some businessman are supposed to meet two agents at Sector 28, Vashi, where they were looking to exchange old cash. The crime branch sleuths intercepted a Skoda car late last night and detained four people.
The four detained have been identified as Prasad Patil of Raigad, Harishchandra Sinde of Navi Mumbai, and Pramod Padale and Avinash Jain from Byculla. The Skoda car was parked at an isolated spot and after the cops started searching it, they found Rs 1 crore in cash in the boot. The cops were stunned to find all the notes in old Rs 1000 denomination.
After conducting further enquiry, police learnt that agents – Padale and Jain – had promised Patil and Shinde, real estate agents, help with converting their old cash into new at a handsome 30 per cent of the amount. To which the real estate agents agreed and they were called on Saturday evening in Vashi. But somehow details about the transaction got leaked and police were able to lay a trap.
All four have been booked under the Criminal Procedure (CrPC) Code and have also informed the income tax department. The cops have also informed the Income Tax department and are inquiring how they were planning to convert the cash into the new notes.
Since 40 days are left for black money hoarders to convert their old Rs 500 and Rs 1000 notes and black money launderers in large number are running from pole to post to convert their cash to new ones. —India.com

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