Mumbai trader arrested with ₹98 lakh demonetised notes

A 40-year-old ready-made garments dealer has been arrested by Thane crime branch unit-1 on Saturday for possessing ₹98 lakh in demonetised currency. The money was in ₹500 and ₹1000 notes.

Pritesh Chawda, 40, the arrested dealer had come to Mumbra for exchanging the demonetised notes at an exchange rate of 20% - 80%.

On Saturday, Thane crime branch officers got a tip off about a man coming to Mumbra with demonetised notes. Officers laid a trap and nabbed Chawda. During the search operation, police found a bag which contained ₹98 lakh in demonetised currency.

Senior police inspector Nitin Thakare from Thane crime branch unit -1 said, “Chawda was about to run from the spot after we questioned him but we caught him. Chawda is a Mumbai-based dealer in ready-made garments. We have registered a case under relevant sections of the IPC and further probe is on”.

Police also said that they have also alerted IT department officials who too are investigating as to from where Chawda managed to get such a huge amount in demonetised currency and also with whom he was about to exchange.