Uttar Pradesh Police and the National Investigation Agency (NIA) in a joint raid conducted in Kanpur on Tuesday uncovered old currency notes worth Rs 80 crore.
"Kanpur police has unearthed huge amount of old currency notes from a locked house. Negotiators who promised to get it exchanged were also arrested. As per the estimate, the seized currency is expected to be in the range of Rs 80 crore," a police officer told PTI.
A team from the Reserve Bank of India (RBI) and the Income Tax (IT) Department will disclose the exact amount of the seized currency later, said the officer.
The police declined to reveal the names of the arrested persons.
"We are looking if there was any involvement of government officers," police sources said.
Another officer said the raid was conducted in Seesamau pocket of Kanpur and some people were detained from a hotel in Swaroop Nagar pocket.
"Received information of presence of demonetised currency worth crores at a person's residential premises in Kanpur, a raid was conducted, RBI and I-T dept officials informed, theÂ final amount not ascertained as search and counting is underway, questioning is also on,' said AK Meena, SSP, Kanpur.