AMRITSAR, May 27 -- A 70-year-old money changer was hacked to death by a man posing as a customer at the Hall Gate market in Amritsar on Monday. The accused, who also looted a bag containing Rs.11 lakh cash from the victim, was later arrested, said police.

Identified as Ravneet Singh, 27, a resident of Chamrang Road locality, the accused also attacked money changer's son before fleeing.

Amritsar police commissioner Gurpreet Singh Bhullar, while addressing a press conference, said: "The accused Ravneet had invested a huge amount in stocks and recently suffered a huge loss. He knew that the victim, Kuldeep Bansal, ran a shop where old and damaged currency notes were exchanged. To overcome his losses, he hatched a plan to loot Bansals."

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