Thane: Senior citizen loses 7 lakh in money exchange fraud

THANE: A 65-year-old man was cheated of Rs 7 lakh by a gang which promised him a hefty commission in exchange for currency. They fled with the cash by staging a police raid.
The victim, who runs a small industry, has stated in his police complaint that he came in contact with one of the accused through an acquaintance. He was promised a commission in exchange for Rs2,000 currency notes with those of other denominations.The complainant convinced some of his friends to chip in with cash. By early March, when they had collected Rs7 lakh, the complainant got in touch with the accused. He was asked to come near a mall in Kapurbawdi. He went along with a friend.
When the cash was being handed over to the accused by the complainant's friend, two persons arrived in an auto and identified themselves as policemen. They took away the accused claiming he was indulging in illegal money conversion, the complaint stated. It was only after the trio had made good their escape that the victim and his friend realised they had been cheated. The complainant's friends allegedly thrashed him on getting to know they had been duped.