New Delhi, Dec 11 (IANS) Delhi Police have busted a major racket involving demonetised currency and arrested four men who were allegedly circulating old Rs 500 and Rs 1,000 notes by falsely claiming they could be exchanged at the Reserve Bank of India, officials said on Thursday.  

The operation, led by the team of Police Post WPIA under Ashok Vihar police station, resulted in the recovery of demonetised notes with a face value of Rs 3.59 crore and the seizure of two vehicles used in the crime.

The arrests were made on December 10 following a tip-off received by Sub Inspector Rohit Chahar. A raiding team comprising SI Mohit Yadav, Head Constable Dravesh, HC Pawan, HC Manoj and HC Ashwani apprehended the suspects near Shalimar Bagh Metro Station Gate No. 4.

The accused were identified as Harsh (22), Tek Chand Thakur alias Vinod (39), Lakshya (28) and Vipin Kumar (38), all residents of Delhi.

“The gang was duping people by offering old notes at throwaway prices and falsely claiming that the currency could be exchanged at the RBI on the basis of Aadhaar. All arrested accused admitted they were chasing quick and illegal profits,” the police said in its press note.

According to investigators, the men were in contact with two individuals, Ashish and Tarun, since 2021.

The duo allegedly informed them that they had access to huge quantities of demonetised notes and promised commissions to help circulate or exchange the cash. The accused said they acted on instructions received over mobile phones.

Police said personal financial pressures also pushed some of them into the scheme. Lakshya, who is set to marry in February 2026, had taken a loan for the wedding, while Tek Chand was struggling with household and educational expenses.

Vipin, working in the private sector, also sought quick profits.

A case under Sections 318(4)/61(2)/62/3(5) of the Bharatiya Nyaya Sanhita and Sections 5 and 7 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017 has been registered at Ashok Vihar police station.

Further investigation is underway to trace the remaining members of the network, said DCP Bhisham Singh.

–IANS

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