Belagavi: The Belagavi police arrested six persons in possession of Rs 3.11 crore in demonetised currency notes of Rs 1,000 and Rs 500 denominations during a raid on a local hotel in Belagavi on Monday night.

Acting on a tip-off the police raided Room No. 204 at Rohan Residency, a hotel located at Nehru Nagar and arrested Aravind Talwar from Goa, Suhas A. Patil and Rama Patil from Pune, Saddam Hussain from Miraj, Anil Patil from Belagavi and Abdul Nasir from Bhatkal Nagar and found Rs 3.11 crore in banned currency notes stashed in different bags.

As per reports, Anil Patil had claimed that he with help from a few of his connections in the Reserve Bank of India (RBI) would get the demontised notes exchanged. The other five accused had hence brought the currency notes from different parts of Karnataka and Maharashtra to Belagavi for the purpose of exchange. Though the accused did not reveal the sources from whom they collected the amount and claimed that the notes belong to their relatives and family members, the police is probing as how they managed to collect such a large amount of cash.