Mumbai, November 16: A gang of five people duped a resident of Mumbai’s Nalasopara of Rs 20 lakhs by spreading a rumour that the government planned to demonetise Rs 500 notes. The accused promised to exchange Rs 500 notes with Rs 100 notes. According to a report published in The Times of India, Dilip Ambaukar, a resident of Nalasopara met one of the gang members through a common friend. He told Ambaukar that Rs 500 notes were soon to be banned and the Reserve Bank would issue new notes soon. RBI Annual Report 2017-18: 99% Banned Notes Returned, Circulation of Currency More Than Pre-Demonetisation Days Now

A cheating case has been filed against all the members of the gang at Vikhroli Parksite police station. The victim told police that the accused assured him of exchanging Rs 500 notes with Rs 100 notes and also giving 10 percent extra. Ambaukar gave him Rs 20 Lakh, but after getting the money all the five people vanished. The police have started an investigation into the case.

Meanwhile, the Navsari police in Gujarat on Friday has seized demonetised currency notes of Rs 500 and Rs 1,000 amounting to Rs 69 lakhs. It has been more than two years, since Rs 500 and Rs 1,000 currency notes were demonetised. This is the largest number of demonetised notes seized by the police in recent months.

(The above story first appeared on LatestLY on Nov 16, 2018 04:54 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).