Rs 4.93 crore in demonetised notes seized from swanky 5-star Mumbai hotel

The three accused allegedly travelled from Hyderabad and may have been tasked with handing over the bag to someone in Mumbai.

Representational image

Mumbai: Three people were arrested from an upmarket Mumbai hotel on Thursday after they were found to be in possession of demonetised notes worth Rs 4.93 crore.

Mumbai Police received a tip-off regarding the possibility of at least three persons from Hyderabad in the city with high-value demonetised notes. Acting on the infromation, cops descended at  Hotel Vits in Andheri's MIDC area and knocked on the door of the room in which the suspects were at. When they got no reply, they forced their way in to discover the three men along with a bag full of cash. The notes inside were in denominations of Rs 500 and Rs 1000 - taken off circulation since November of 2016.

The cops have arrested all the three accused and say that they may have been in the city to hand over the cash to someone. It is also suspected that more people may have been involved in the entire operation and that interrogation of the three arrested could reveal further details.

While the three accused would be produced in court on Friday, cops are also trying to investigate who did the notes belong to and who was meant to take custody of it.