New Delhi, Dec. 11 -- Decovered demonetised currency notes of Rs 500 and Rs 1,000 with a face value of more than Rs 3.5 crore and arrested four men allegedly involved in an illegal exchange racket, officials said on Wednesday.

According to police, a team from PP WPIA conducted a raid near Shalimar Bagh Metro Station Gate No. 4 based on secret information and apprehended four accused: Harsh (22), Tek Chand Thakur (39), Lakshya (28) and Vipin Kumar (38). Two vehicles used by the group were also seized from the spot.

"During enquiry, they admitted to exchanging these demonitized notes at a fraction of their value by falsely claiming they can be exchanged at the RBI, forming a clear case of cheating, conspiracy and violation of the Specifie...