Maharashtra: Demonetised currency worth Rs 29.97 lakh seized from youth

Thane (Maharashtra): Demonetised currency notes of Rs 500 and Rs 1,000 denominations totalling Rs 29.97 lakh were seized from a 27-year-old youth by officials in Thane.

"Acting on a tip off that one person was to come near Teen Hath Naka with demonetised currency for exchanging it police kept a vigil and on questioning him the man admitted that he had demonetised notes," police inspector Madan Ballal of Crime Branch Unit V Wagle Estate said.

The 27-year-old man is a resident of Santacruz in western suburbs and works as an accountant with a real estate developer in Mumbai, said police.

Preliminary probe has revealed and Yadav had come to exchange it for a commission, said police.

He has been handed over to the Income Tax department for further action, police added.