Three men were arrested with demonetised currency notes having a face value of more than Rs 30 lakh near Shalimar Garden area on Friday, police said.
Sahibabad police intercepted a car in which the four were travelling near Ekta Park and seized Rs 31.5 lakh, they said. Pramjit Singh, a property dealer in Tilak Nagar, RishiKapoor, a dealer in video and still camera accessories, and Shyamvir were arrested after the recovery of the money, said Assistant Superintendent of Police Anoop Kumar.
Atul, a realtor who was with them in the vehicle, managed to escape, Kumar said. Pramjit and Rishi have confessed the money belonged to them and they were lured by Atul to get the notes exchanged for new currency notes at a commission of 45 per cent.
Kumar said Atul told the three that he has connections with NRIs who can exchange the demonetised notes at the RBI. Of the seized money, 4,864 notes were old 500-rupee notes and 732 were 1,000-rupee notes.
The notes have been deposited in the Treasury and the car confiscated. An FIR will be lodged after complaint from IncomeTax Department, Kumar added.