Indore: Demonetised notes worth Rs 1 crore seized, 6 arrested

INDORE: Crime branch of Indore police on Sunday busted a syndicate, which had been working in MG Road area to exchange demonetized currency, with the arrest of six. Discontinued currency to the tune of Rs 1.01 crore was recovered from the possession of the accused.
The accused had come from Odisha to exchange the notes in the city. Crime branch officials raided the area after receiving information that the accused were moving in MG road area with old currency stashed in school bags.
During the raid, the accused, Mohommad Aslam (25), Dilip (31), Vishal Singh Parihar (33), Sanjay Kushwaha (33), Rajeev Panda (25), Divyaram Byovra (27) were arrested from the spot.While Aslam, Rajeev and Divyaram hail from Odisha, Vishal and Sanjay are residents of Gwalior
Police recovered 8715 notes in the denomination of Rs 1000 and 2800 notes of Rs 500 amounting to Rs 1, 01, 15,000.
Aslam told police that he had studied till Class IX. He was in a business of selling Korean mobile phones. He had received Rs 87 lakh demonetized money from traders in Odisha. The traders had promised him huge commission for exchanging the old notes.
Dilip, too, admitted to have collected the old currency from different people expecting good commission. He has done diploma in electrical engineering. He works in a telecommunication company at tower maintenance desk.
The duo had first reached Patna from where they were told about people, who are involved in this trade in Indore. Consequently, Aslam and Dilip reached Indore, said police. The accused were booked under relevant sections of the Specified Bank Notes (Cessation of Liabilities) Act, 2017. “We will inform about the accused to the enforcement directorate and the income tax department for further probe,” SSP Ruchi Mishra said.
Rajeev and Divyaram have studied electronics and communications from recognized institutions.