Police on Sunday arrested four persons and seized scrapped currency notes in Rs 1,000 and Rs 500 denominations with a face value of over Rs 1 crore.
Bharuch Special Operations Group (SOG) made the seizure and arrest after intercepting an SUV which was coming from Surat in Sheetal Chowk area, said a police official.
As many as 11,322 demonetised currency notes of Rs 1,000 and Rs 500, having a face value of Rs 1,01,98,000, were found in a travel bag kept in the vehicle, he said.
Four persons travelling in the SUV were arrested and an FIR was registered at Bharuch C Division police station after they failed to provide satisfactory reply about the source of the defunct bills, the official said.
The police gave the names of the arrested persons as Chatur Singh Sodha, a resident of Barmer in Rajasthan, Denis Gangani, from Bhavnagar, Himanshu Megdani and Viral Ranpariya, both hailing from Surat.
“We seized their mobile phones and documents they were carrying and launched an investigation,” the official said.
They did not reveal the source of the scrapped notes, but said they wanted to exchange them for a commission, the police said.
An SOG team has left for Surat to further probe the matter, he said.
The seizure comes a day after Rajkot police seized Rs 1 crore in scrapped notes and held two persons.