Three persons were arrested today and demonetized notes with a face value of Rs. 3.36 crore was seized from them in Khatodara locality of Gujarat's Surat district.
Police identified the three arrested persons, who were traveling in the car at the time, as Gagansinh Rajput, Mohammad Ali Sheikh, and Latif Sheikh.
A case has been registered and further investigations were underway, an official said.
45,600 notes of Rs. 500 and Rs. 1000 seized
Acting on a tip-off, police mounted a search of vehicles in the area and found the demonetized notes, in a car, a Surat police press release informed.
It added that the seizure comprises 24,000 notes of Rs. 500 denomination, totaling Rs. 1.20 crore, and 21,600 notes of Rs. 1,000 denomination with a face value of Rs. 2.16 crore, apart from three mobile phones.