Ghaziabad, Jun 5 (PTI) Ten people were arrested for alleged involvement in money laundering and Rs one crore in demonetised currency notes was recovered from them, police said today.

The accused were allegedly ferrying the demonetised notes to Nepal in two cars, they said.

Senior Superintendent of Police Vaibhav Krishna said that on secret information the Kavi Nagar police intercepted two 'Swift Dzire' cars at a trisection. Upon frisking the vehicles, the police recovered demonetised currency of 50 lakh rupees from each vehicle, he said.

The accused were identified as Avtar, Gaurav, Rajesh, Pintoo, Rahul, Arun, Deepak, Rahul, Kavya, and Sachin, the official said.

On interrogation, Deepak the alleged kingpin of the racket confessed that the whole demonetised currency belonged to a person named Arun and they were to get a four per cent commission for ferrying it, according to the police official. 

On the other hand Arun said the amount belonged to a person from Agra, the police official said. Anil of Greater Noida lured me offering hefty commission for transporting the demonetised currency of two hundred crores rupees to Nepal in future, the accused is learnt to have told the police, according to the official.

Demonetised currency is still acceptable in Nepal, the accused told the investigating team.

Police is trying to uncover the entire money laundering racket, officials said. A FIR was lodged under sections of the Prevention of Money Laundering Act and the Bank Notes Act, officials said.  SSP added.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)