SURAT: crime branch officials on Monday seized demonetised currency notes to the tune of Rs 3.5 crore from four persons in Undach village near Surat late on Sunday. The four accused persons have been arrested.
Police said two of the accused hail from Mumbai while the remaining two are from .
Police found 42,300 currency 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 said that they had set a trap following a tip off in Undach.
Following the primary interrogation, it has come to the light that these people used to collect demonetised currency at the rate of 7 paise per rupee and then sell it at the rate of Rs 10 paise per rupee.