5 arrested with demonetised notes worth Rs 50 lakh in Aligarh

AGRA

: Five people were arrested on Wednesday from a hotel in

Aligarh

with demonetised currency worth Rs 50 lakh.

Talking to TOI, Aligarh SP (city) Atul Srivastava said that a local businessman,

Nitin Agarwal

, had made a deal of exchanging the demonetised currency, which was being carried out in a hotel. The police, who had prior information about the deal, raided the hotel and nabbed the suspects.

The SSP said that cases under Section 420 (Cheating) and 5/7 under Specified Bank Notes Act 2017 have been registered and further investigations are on. He said the negotiators who promised to get the currency exchanged were also arrested.

They have been identified as Nitin Saxena, Gajendra, Pradeep Kumar and Bhuvnesh.

Nitin Agarwal, a resident of

Mahaveer Nagar

, told police that he was lured by the suspects to get the demonitised notes exchanged. He claimed that he would have been happy even if he received Rs 5 lakh in the new currency in exchange of the Rs 50 lakh of demonetized notes that he had.

Poilce has also informed the income tax department about the case.