For trying to circulate demonetised currency worth Rs 3.5 crore, 4 arrested in Delhi

On Wednesday, Chand was among the four men arrested for allegedly attempting to circulate invalid demonetised currency worth more than Rs 3.59 crore by falsely claiming it could be exchanged at the Reserve Bank of India (RBI), police said.

Police identified the three others as Harsh (22), Lakshya (28) and Vipin Kumar (38). Ashish and Tarun are absconding.

“Tek Chand was under pressure to manage his household and educational expenses. About two to three months ago, Ashish and Tarun, who claimed to be in the money transfer business, informed him that they had demonetised currency worth crores and promised him a substantial commission (for helping to move the invalid currency),” DCP (Northwest) Bhisham Singh said.

“The investigation revealed that the accused were actively involved in offering demonetised notes at throwaway prices and falsely assuring victims that the currency could be exchanged at RBI branches using Aadhaar numbers. They were operating under instructions from two handlers, Ashish and Tarun,” he added.

Police said the handlers had told the four to pick up demonetised currency from Gurgaon and dump it near the Shalimar Bagh Metro station. Following a tip-off, police laid a trap near the Metro station and arrested the four men.

Demonetised currency notes with a face value of Rs 3,59,08,000 – all in Rs 500 and Rs 1,000 denominations – were seized from their possession. Two cars used in the operation were also impounded from them. A case has been registered under Bharatiya Nyaya Sanhita sections and the Specified Bank Notes (Cessation of Liabilities) Act, 2017 at Ashok Vihar police station.

The accused circulated demonetised currency through a well-coordinated network, promising substantial commissions to those who helped circulate or exchange the currency, police said. “They were assured about 20 % commission,” an officer said.

Maintaining that Chand had recruited the three other accused, police said that the four men were aware that possession of demonetised currency was illegal.

“Harsh joined the conspiracy with his cousin Lakshya to make quick money. Lakshya, who is scheduled to get married in February 2026, joined the scheme under pressure to repay a loan. Vipin Kumar, working in the private sector, also wanted to make quick money,” the DCP said.