Three detained in Noida for currency exchange fraud

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Noida, April 08 (PTI) With the arrest of three people, Noida police on Friday claimed to have broken up a gang that allegedly tricked people into promising them a commission to exchange small banknotes for large denominations.
The gang offered a 10% commission to people who brought them cash in small denominations for exchange, said Elamaran G, Deputy Deputy Commissioner of Police (Central Noida).
“The defendants were detained by officials from Bisrakh Police Station on Thursday after an FIR was filed for a complaint of fraud at Rs 20 lakh by a local resident on April 1,” Elamaran told reporters.
Detailing the gang’s modus operandi, he said: “When trapping the victims, the gang would initially pay back all the money plus the 10% commission in order to gain their trust. But once they were in possession of larger sums, they returned the bags filled with blank paper instead of the promised banknotes in large denominations.”
He said that after the arrest of the gang member, the police seized Rs 25 lakh from their possession. A Delhi-registered Ford Eco Sport used by the gang was also seized.
Those detained were identified as Harshad Tak, from Bhavnagar in Gujarat, while the other two are Pawan Kumar and Arvind Kumar, both from Firozabad in Uttar Pradesh, police said.
The FIR was filed under Sections 420 (cheating), 406 (criminal breach of trust) and 411 (dishonest receipt of stolen property) of the Indian Penal Code and the trio were sent to jail, police added. PTI KIS TIR
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