Crime branch nabbed a soft drink trader near JP hospital and recovered old notes of Rs 5 lakh from his possession on Thursday.
Acting on a tip-off regarding a person carrying bulk cash of new currency notes in a car near JP hospital to exchange the notes for commission a team was rushed to the spot and detained the person.
The detained person was identified as Mohammad Intekhab (32) of Chouksey Nagar. From his car old notes in the denomination of Rs 500 and Rs 1000 were seized.
After the preliminary investigation the police have registered a case under section 102 CrPC and have started further investigation.
Police said that Income Tax officials have been informed regarding the seizure of the notes.
SHO Crime Branch Mahendra Kumar Mishra said that the detained trader was trying to exchange old notes with new ones by providing commission of 10 percent and when he reached the person who was scheduled to meet him and exchange those notes did not turned up he was on his way back to home during which he was nabbed by the police.
The nabbed trader owns shop in Karond and when he was not able to provide satisfactory answer regarding source of the money and reason of carrying the money the police seized his car and the money, he added.
The trader told the police that the money was unaccounted and he do not wanted to disclose the unaccounted income due to which he went to exchange notes.