Mumbai Police have seized yet another old denomination haul on Friday night. Bhoiwada police have arrested a cloth merchant from KEM Hospital Parel with old currency notes of 500-1000 worth 83 lakh rupees.

The merchant came to Parel to exchange the old currency notes with new ones, when cops nabbed him.

Bhoiwada cops received a tip-off that a person would arrive with old denomination notes in order to exchange it. A team led by Asistant Police Inspector Mukund Dhage, reached KEM hospital at around 7.30pm on Saturday.

Around 7.50 pm, the cops spotted a man in a vehicle, waiting for someone. The cops began interrogating him and searched his car. They then found demonetised currency notes of 500-1000 worth Rs 83 lakh. The arrested person has been identified as Bhairlaal Jain (40), and lives in Goregaon.

'Investigations are on in order to find out whom he was going to hand over the money to', stated an officer from Bhoiwada police station.

Bhairlaal Jain has been booked under Mumbai Police Act.