Nagpur: A racket converting ₹2,000 denomination banknotes—withdrawn from circulation by the Reserve Bank of India (RBI)—on commission has been uncovered by Nagpur Police, leading to the arrest of a peanut seller and three others.
The investigation took a surprising turn when the trail led to Nandalal Maurya, a peanut seller operating near Samvidhan Square, home to the RBI office and Maharashtra Vidhan Bhavan. Maurya allegedly hired impoverished individuals to exchange the ₹2,000 notes legally at the RBI in return for a commission, police said on Sunday.
Arrests and Seized Cash
The other arrested individuals include Rohit Bawne (34), Kishore Bahoriya (30), and Anil Jain (56), a resident of Jabalpur in Madhya Pradesh, who is believed to be the mastermind behind the scheme.
Police seized ₹60,000, including 120 ₹500 notes, from Maurya’s residence. Additionally, ₹62,500, including a ₹2,000 note and 120 ₹500 notes, were recovered from Bawne, and ₹80,000, including 160 ₹500 notes, from Bahoriya.
How the Racket Operated
Police said Jain orchestrated the racket by collecting ₹2,000 notes from various sources and engaging Maurya to exchange them at the RBI. Maurya was reportedly paid ₹200 for every 10 notes exchanged.
After learning the process, Maurya recruited poor men and women, offering them a daily commission of ₹300 to exchange the notes using their Aadhaar card details. The exchanged ₹500 notes were then handed over to Jain.
Background
The RBI announced the withdrawal of ₹2,000 banknotes from circulation on May 19, 2023, permitting legal exchanges at designated facilities.
Police Action
Acting on a tip-off, police raided Maurya’s residence on Saturday, unearthing evidence of the operation. Initial investigations reveal that Jain, suspected to possess a significant amount of demonetized currency, was directing the racket from behind the scenes.
The accused have been charged, and further investigations are underway to trace the full extent of the illegal operation.
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