More than a month after the central government's demonetisation announcement, seizures of large consignments of money continue across the country. 

In the latest such seizure, the Karnataka police busted a group attempting to carry out an exchange of new notes for old currency.

On Wednesday night, the state police seized Rs 29,98,000 – all in new currency – from three persons in Hubli. 

29-year-old Rizwan, 32-year-old Mufthar and Shameem were arrested by the Kamaripet police and interrogated on where they obtained the money and what it was intended for. The trio were sent to judicial custody on Thursday.

Hubli DCP Jinendra Khanagavi told The News Minute that the police acted on a tip-off that attempts to exchange black money for white was underway. 

“Based on this information, our inspector went to the spot, where three men came with a bag. Based on suspicion, we interrogated them and found that they had Rs 29,98,000 in their possession, all in new currency. The three men were in fact waiting for a fourth person, to exchange the currency. However, the fourth person did not turn up, and we took the three men into custody. When interrogated, they confessed that the money was meant for exchange," DCP said.