The Deccan Gymkhana of Pune officials with the bag of defunct notesThe Deccan Gymkhana of Pune officials with the bag of defunct notes

Pune: A 70-year-old real estate agent and a shoe store owner were detained last night with defunct currency notes worth R1 crore. The Deccan Gymkhana police laid a trap for Geeta Shah, a 70-year-old resident of Yerawada, and Chhagan Chavan, 50, a shoe store owner of Ganesh Peth, after receiving a tip-off that the two were planning to get the invalid notes exchanged at Shivaji Nagar.

We found out that Shah had stacks of defunct notes with her and that she was planning on getting it exchanged surreptitiously on Ferguson College Road in Shivaji Nagar," said Ajay Kadam, senior inspector of Deccan Gymkhana police station. "We laid a trap and waited."

Shah and Chavan reached the spot in an autorickshaw around 9.30 am with a large black bag. Instead of swooping down on them, the police waited for their agent’s arrival. "But the agent didn’t turn up. When the two started to leave, we caught them," said Kadam.

The police recovered invalid notes of R1,000 amounting to R45 lakh and of R500 worth R55 lakh. "Shah claimed she had earned the money as a real estate agent." The income tax department has been apprised of the massive haul.

December 30, 2016, was the last date to exchange demonetised notes. The Centre had on July 17 told the Supreme Court that it would not offer any more chances to deposit/exchange defunct notes.