4 held with Rs 68 lakh in old currency

Our Correspondent

Khanna, September 19

The police today arrested four persons with Rs 68 lakh in old currency at Payal. The arrested persons have been identified as Mandeep Singh, a car driver; Gurwinder Singh and Dinesh Kumar, both cloth merchants; and Ranjit Singh, a property dealer from Khanna. Mandeep, Gurwinder and Dinesh are residents of Ludhiana.

The SSP, Khanna, Navjot Singh Mahal, said a police party set up a naka near the T-point at Payal on the Barmalipur road last night. The police signalled a car to stop. The checking of the occupants of the car yielded Rs 68 lakh in old currency (Rs 4 lakh from Mandeep Singh, Rs 28 lakh from Gurwinder Singh, Rs 24 lakh from Ranjit Singh and Rs 12 lakh from Dinesh Kumar). The SSP said the arrested persons failed to produce any documents relating to the old currency.

A case has been registered against the four occupants of the car and the Income Tax officials informed about the recovery. 

The SSP said the arrested persons had collected this amount from some persons and were trying to exchange these notes from commission agents as well as banks. He said the fine in such cases could be from Rs 10,000 to five times the recovered cash. The seized notes were in the denomination of Rs 1,000 and 500