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4 held with demonetised currency worth Rs 3.5cr


SURAT: Navsari crime branch officers on Monday seized demonetised forex notes to the song of Rs 3.five crore from four persons in Undach village near Surat overdue on Sunday. The four accused persons have been arrested.


Police mentioned two of the accused hail from Mumbai whilst the remaining two are from Gujarat.


Police found 42,300 forex notes in Rs 500 denomination and 13,432 notes in Rs 1,000 denomination from Jitendra R Panigrahi, Fair G Motorwala, Khara Abrama, Mahomad Mubin M Shekhi and Altaf A Shekih.


Police mentioned that they had set a entice following a tip off in Undach.


Following the principle interrogation, it has come to the light that these people used to assemble demonetised forex on the rate of 7 paise consistent with rupee and then sell it on the rate of Rs 10 paise consistent with rupee.


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