Delhi Police have busted a racket dealing in demonetised Rs 500 and Rs 1,000 notes and arrested four men with currency worth Rs 3.59 crore. The arrests were made near Shalimar Bagh Metro Station during a planned raid by a team of Police officials. Two cars used in the operation were also seized.
Police said the accused were offering demonetised notes at throwaway prices. They convinced buyers that the notes could be exchanged at the RBI on the basis of Aadhaar. Officers said the gang wanted fast profits and knew the notes had no legal value.
“This gang was cheating people by selling old notes at low rates and claiming they could get them exchanged at the RBI. The team acted quickly and stopped a large fraud,” DCP North-West Bhisham Singh said.
The operation began on 10 December after officers received a tip-off about a planned exchange.
Police kept watch near Shalimar Bagh Metro Station Gate No. 4. Around the same time, the suspects arrived in two cars. The team moved in and detained all four men. Officers searched the vehicles and recovered demonetised notes with a total face value of Rs 3,59,08,000.
The men were identified as Harsh, 22, and Tek Chand Thakur, 39, both residents of Rohini; Lakshya, 28, from Brij Puri; and Vipin Kumar, 38, from Feroz Shah Road.
Police said all four were aware that the notes were illegal. A case was registered under relevant sections of the Bharatiya Nyaya Sanhita and under the Specified Bank Notes (Cessation of Liabilities) Act, 2017.
During questioning, the accused told police they were part of a chain that had been moving demonetised notes for several months. They said they told buyers that they had “sources inside the RBI” and could get the notes exchanged. Police said this claim was false and was used only to cheat victims.
The accused also admitted that they had no documents to show any lawful possession of the currency. Officers said the group had been offering notes at a fraction of their value and promising large profits in a short time.
Police said the group had been in touch with two men named Ashish and Tarun since 2021. These two, who are now wanted, claimed they had demonetised notes worth crores. They promised a high commission to the arrested men if they helped convert or circulate the notes. The arrested men said they took instructions over mobile phones.
Police said each accused had his own reasons for joining the racket. Harsh joined through his cousin Lakshya, who needed money for his wedding.
Tek Chand, who is also known as Vinod, told police he needed money for household expenses and education costs. Vipin, who works in the private sector, said he wanted quick income and agreed to help.
Police are now searching for the two key handlers and trying to trace the source of the seized notes. Officers said more arrests are likely.
The DCP said the team stopped a major attempt to push illegal currency. He added that the police will continue to act against networks dealing in old notes.
This gang was cheating people by selling old notes at low rates and claiming they could get them exchanged at the RBI. The team acted quickly and stopped a large fraud
— Bhisham Singh, DCP North-West
