Demonitization Drive – Fraudster looted 6 lakh after promising the smaller denomination notes to the traders

Demonetization is not only making the common man go crazy but also much small time businessmen is losing their prudence due to a high level of frustration. The conversion of the old currency is the only challenge everyone is facing in India today. In such circumstances, the crooks are out to take the advantage of the situation. In one such case. Two Mumbai-based businessmen have been cheated by the crook. To the tune of 6 lakh rupees on the assurance of proving the 100 rupees notes.

It looks like the demonetization of the high-value currency by BJP government is giving fraudsters an opportunity to make quick bucks. The desperate situation making people fall prey to such rogues. According to the sources, the incident took place on Thursday at Thane suburbs in Mumbai. The owner of a publishing house and a proprietor of a medical shop was duped by the fraudster. To the tune of 6 lakh rupees by promising to get them the 100 rupees notes in exchange.

According to the sources, the victim and complainant Vishnu Joshi (47) is a resident of Kalwa and the second victim is Yasin Khan who runs the medical shop in Bhivandi. The incident took place on Thursday when the duo was waiting outside an SBI branch near Thane station. “The duo met a watchman, Sanjay Chavan, standing outside the ATM. He told them that he knew a person who would exchange the defunct currencies for Rs 100. Thereafter, Joshi and Khan met the unknown person, who was introduced to them by Chavan,” said an officer from Thane Nagar police station.

The victim narrated to police that, they met the unknown person at 11 is on Thursday. He then took them to the Thane railway station. “Joshi gave him Rs 5 lakh, while Khan handed him Rs 1 lakh. The accused told them that he would get the change from the railway ticket counter and return soon. Joshi wanted to go with him but the accused told him that as there were CCTV cameras installed at the counter, it might create some problem. Thereafter, he left with the money and did not return. The duo then filed a police complaint,” added the officer.

Senior PI MV Dharmadhikari from Thane Nagar police station said, “Many such fraudsters have become active after the demonetization. People should approach banks to get currencies exchanged.” He added, “We have detained Chavan, who claims that he met the accused only once and was not aware that he’s a fraudster.”


Although this case took place in Mumbai but there is a possibility that similar case may take place in Goa also. There are various incidents in all over the India where such crooks are waiting to take advantage of the situation. Please do take care and do not trust anyone who promises the exchange in the smaller denomination of currency since except the bank nobody can provide you with cash.


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