Demonetised currency notes worth Rs 65 lakh from three businessmen in suburban Kurla by Crime branch of Mumbai Police on Tuesday.
"Police got to know that the three businessmen possess scrapped currency notes. Based on the tip-off, a dummy agent was sent to the trio, who told them that he can get their notes exchanged at 35 per cent commission," officials said.
When the businessmen agreed, the officials of crime branch Unit-III laid a trap and recovered these notes from them.
"The Crime Branch sleuths laid a trap near L ward office of Brihanmumbai Municipal Corporation (BMC) at Kurla, where they caught three businessmen with scrapped currency notes," the official said.
During the searches, police recovered Rs 33.70 lakh in Rs 500 denomination notes and Rs 31.30 lakh in Rs 1,000, police said. The Income Tax Department has been informed about the seizure, the official said.