Hapur. Police in Uttar Pradesh’s Hapur district have intensified their investigation into an alleged banned currency racket believed to have links stretching from Lucknow to Ghaziabad after arresting a man carrying demonetised currency worth ₹1.44 crore. Preliminary investigations suggest that members of the alleged gang contacted people and promised to exchange old currency notes for new ones, allegedly using the arrangement to deceive them. Cases have been registered against three accused, while police teams are searching for two associates of the arrested man and the alleged mastermind.
According to police, members of the group collected demonetised currency and approached people with claims that the old notes could be exchanged for new currency. The arrested accused allegedly received a substantial commission for his role in the transactions. Investigators have also found that the group purportedly offered to exchange the old notes for new currency in return for a commission of 10 to 15 per cent. Police are now trying to establish where the large quantity of banned notes originated and who was supposed to receive them.
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Arrest During Checking at Tatarpur Roundabout
Hapur Dehat police were conducting vehicle checks at the Tatarpur roundabout on Wednesday night when an informer alerted them to a man travelling on a motorcycle towards Meerut with a large quantity of demonetised currency.
Acting on the information, the police team quickly cordoned off the area, intercepted the suspect and arrested him. During a search, officers recovered a bag containing a substantial number of old currency notes.
The bag contained 127 bundles of old ₹1,000 notes and 34 bundles of old ₹500 notes. Given the volume of currency, police had to arrange a note-counting machine to determine the total amount. After counting the notes, officials assessed the value of the recovered currency at ₹1.44 crore.
The discovery of such a large quantity of demonetised notes prompted police to launch a detailed investigation into the source of the money and the circumstances surrounding its transportation.
Arrested Man Names Associates in Lucknow and Ghaziabad
The arrested accused has been identified as Devendra, a resident of the freehold area near the Lal Building Wala School in Nandgram Nagar, Ghaziabad.
During questioning, he reportedly told police that he collected old currency in coordination with Ravi alias Vikrant Srivastava, a resident of Lucknow, and Avinash Pandey, who lives in Ghaziabad.
Police are searching for both alleged associates and are also attempting to identify and apprehend the suspected mastermind of the racket. Investigators are particularly concerned about how such a large quantity of ₹1,000 and ₹500 notes, withdrawn from circulation following India’s 2016 demonetisation exercise, was accumulated.
The investigation is examining who actually owned the seized notes, where they were being transported and whether other individuals were involved in the alleged operation. Police are also tracing the possible supply chain and the intended transactions involving the demonetised currency.
Alleged Exchange Deal Involved a Commission of 10–15 Per Cent
Additional Superintendent of Police Mahesh Kumar said the seized currency worth ₹1.44 crore was believed to belong to the absconding accused.
According to the officer, the preliminary investigation indicated that the accused allegedly offered to exchange old currency for new notes in return for a commission of 10 to 15 per cent. Police teams have been deployed to locate the suspects who remain at large.
Officials said the investigation was being conducted thoroughly, with efforts focused on uncovering the alleged network and identifying everyone involved. Investigators are examining the source of the recovered money, potential buyers and the financial arrangements associated with the proposed exchange transactions.
However, the actual reach of the alleged racket and the involvement of additional individuals will become clearer only after further investigation and verification of the available evidence.
Currency-Counting Machine Brought in for Verification
Because of the large number of recovered notes, Hapur Dehat police arranged a currency-counting machine to complete the counting process efficiently. The machine enabled officers to calculate the total amount within a short period.
Police are now examining the recovered currency and reviewing information obtained during the questioning of the arrested accused. Investigators are also working to establish the ownership and origin of the notes and determine the intended destination of the money.
The immediate focus remains on arresting the absconding suspects, identifying the alleged mastermind and tracing the source of the demonetised currency. Although preliminary findings point to possible links between Lucknow and Ghaziabad, the complete structure of the alleged network and the number of people involved will be established only after the investigation progresses.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
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