A trader has been arrested here with demonetised currency worth Rs 44.86 lakh, police said today.
“Acting on a tip-off, cops arrested a trader identified as Praveen Agrawal (45) near a school last night and seized old notes in the denomination of Rs 500 and Rs 1000 totalling Rs 44.86 lakh,” Tukoganj Police Station In-charge, Rajkumar Yadav told the media.
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He was carrying the scrapped currency in a luxury car bearing a Maharashtra number.
Police suspect that he was going to meet someone who exchanges these currency notes on a commission basis. Detailed investigations are on, Yadav said.
Earlier on April 11, four persons were arrested and demonetised currency worth Rs 64.30 lakh was recovered from their possession.