Three held in Noida for currency exchange fraud: Cops

But once they were in possession of larger amounts, they would return bags filled with blank paper instead of the promised currency notes in big denominations. He said after the gang members arrest, the police seized Rs 25 lakh from their possession.

With the arrest of three persons, the Noida Police on Friday claimed to have busted a gang that allegedly duped people by promising them commission in exchanging small currency notes with big denomination notes. The gang offered a 10 per cent commission to people who brought them money in small denominations for exchange, Additional Deputy Commissioner of Police (Central Noida) Elamaran G said.

''The accused were held by officials of the Bisrakh police station on Thursday after an FIR was lodged over a complaint of Rs 20 lakh fraud by a local resident on April 1,'' Elamaran told reporters.

Detailing the gang's modus operandi, he said, ''When trapping victims, the gang would initially return full money along with the commission of 10 per cent in order to gain their trust. But once they were in possession of larger amounts, they would return bags filled with blank paper instead of the promised currency notes in big denominations.'' He said after the gang member's arrest, the police seized Rs 25 lakh from their possession. A Delhi-registered Ford Eco Sport car used by the gang has also been impounded.

Those held have been identified as Harshad Tak, a native of Bhavnagar in Gujarat, while the other two are Pawan Kumar and Arvind Kumar, both from Firozabad in Uttar Pradesh, the police said.

The FIR has been lodged under Indian Penal Code sections 420 (cheating), 406 (criminal breach of trust) and 411 (dishonestly receiving stolen property) and the trio has been sent to jail, the police added.