Police suspect that amount in new notes were acquired from banks in an irregular manner after exchanging them with unaccounted old notes.
Mumbai: The Thane police on Tuesday arrested three businessmen, seizing Rs 1.04 crore black money in the new Rs 2,000 notes from them.
The police laid a trap and arrested the accused. In two other separate cases, five persons were detained after Rs 33 lakh in new Rs 2,000 notes were seized from them in Navi Mumbai and Ulhasnagar, Thane.
The police are ascertaining the method employed by the accused persons in the three separate cases to acquire the new notes. The police suspect that the new notes were acquired from banks in an irregular manner after exchanging them with unaccounted old notes.
After the Centre demonetised notes of Rs 500 and Rs 1,000 on November 8, the Reserve Bank of India had allowed each citizen to exchange only Rs 4,500 in old notes in legal tender at banks.
The exchange limit was later reduced to Rs 2,000 on November 18, while it was discontinued at banks from November 24, on suspicions that certain unscrupulous elements were using the option related to exchange of old notes to legalise unaccounted cash by using the gullible.
In Navi Mumbai, two persons were held after seizure of the new notes worth Rs 23.70 lakh, while three persons were held in Ulhasnagar after Rs 9.76 lakh in Rs 2,000 denomination was recovered last evening, they said.
In Thane the businessmen were allegedly came to give the notes to some another businessman. They had decided to make a profit of 30 per cent over the original amount Rs 1.04 crore.
Sources from the Thane police said that the police informed income tax officials and now they are interrogating the accused.