The police today seized Rs 14.75 lakh, all in new currency notes of Rs 500 and Rs 2,000, from five people at a hotel in the upmarket Koregaon Park area of the city.
"These five people were found at a hotel with Rs 14.75 lakh in their possession. On questioning they gave vague answers," said a police officer.
Police suspected that they were about to exchange the cash with defunct notes, he said.
Income Tax department had been notified about the seizure, the officer added.
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