Jagdish Raioyani and Budha Dhrangiya were arrested following a tip-off

Two persons were arrested with demonetised notes with a face value of ₹ 1.99 lakh, police said on Saturday.

Jagdish Raioyani and Budha Dhrangiya were arrested on Friday night from Yagnik Road here by the Crime Branch following a tip-off and demonetised notes with a face vale of ₹ 1.99 lakh were seized, said inspector H.M. Gadhavi.

“Raioyani, a native of Morbi, and Dhrangiya, who hails from Jamnagar, have told us that the scrapped currency was given to them by one Amrut, also a resident of Morbi. Efforts are on to apprehend him,” Mr. Gadhavi said.

He said that further probe into any possible racket of people exchanging demonetised notes with valid ones was underway.