Crime Branch officials have seized banned currency notes worth over Rs 65 lakh from three SoBo residents, including a jeweller.

Senior crime branch officials had recently received a tip-off about a Kalbadevi jeweller who had lakhs in old high denomination notes.

"A crime branch Unit III team laid a trap. We contacted the jeweller and offered to exchange old notes for new ones in 40:60 ratio (new:old). We asked him to meet us at Ocean Bar near Mumbai Central. He sent two of his employees with Rs 25 lakh in old notes. The duo then led us to the jeweller at Navjeevan Society. The jeweller came to meet us with Rs 40 lakh in a bag. The three were immediately arrested," a senior crime branch official said.