DELHI NEWS: RS 3.5 CRORE IN DEMONETISED CURRENCY SEIZED IN SHALIMAR BAGH; 4 ARRESTED
In a surprising development nearly nine years after demonetization, police in the Shalimar Bagh area have seized Rs 3.5 crore in banned currency notes. Four individuals have been arrested for operating a fraudulent racket under the guise of exchanging these invalid notes for a commission.
Authorities have reiterated that these notes are now nothing more than scrap paper, accepted by neither banks nor the Reserve Bank of India (RBI).
Financial Desperation Driven By Debt And Unemployment
During interrogation, the four accused—Vipin Kumar, Tek Chand Thakur, Lakshya, and Harsh—confessed that they joined this illegal network not out of greed, but due to severe financial compulsions.
Tek Chand Thakur: A former gym trainer who has been unemployed for the last 18 months. He revealed that his wife left him due to his poor financial situation, leaving him to care for their two sons, aged 17 and 19. He entered the racket to fund his children's upbringing and education.
Lakshya: Currently engaged and scheduled to be married in February 2026. He had taken a loan for wedding expenses from his fiancée's bank account and was under immense pressure to repay it. He colluded with Tek Chand to earn money quickly.
Harsh: Lakshya’s cousin, who got involved to make quick money.
Vipin Kumar: The link to the main suppliers.
The Modus Operandi
The plan to exchange the notes was hatched approximately two months ago.
The Origin: Accused Vipin Kumar stated he met two individuals, Ashish and Tarun, in 2021, who claimed to be in the money transfer business.
The Offer: Two to three months ago, Ashish and Tarun informed Vipin that they possessed crores of rupees in old currency. They offered a substantial commission if Vipin could help exchange them for new notes.
The Chain: Vipin contacted Tek Chand, who subsequently brought in Harsh and Lakshya to execute the plan.
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Investigation And Manhunt
The police were surprised by the surfacing of such a large amount of old currency so long after the ban.
Hunt for Kingpins: Based on information from the arrested youths, special teams have been formed to apprehend the main accused, Tarun and Ashish. Police are continuously raiding their possible hideouts.
Source of Funds: A senior police official stated that the true origin and ownership of the notes will only be determined after Tarun and Ashish are arrested.
Fraud Probe: The police are also investigating the specific mechanisms used to commit fraud under the pretext of currency exchange.