Three persons were arrested for allegedly duping a private contractor of Rs. 3 crore on the pretext of exchanging his demonetised currency notes, a senior police officer said.
One of the accused had told the complainant, Sanjay Naik, that he knew a few people at a bank in Santacruz and could get his entire cash of Rs. 3 crore in demonetised currency notes exchanged, the police said.
The accused had asked Naik to come to a place near the bank two days ago, where they took his money and fled.
The accused, whose names were not disclosed, were arrested and a case under section 420, IPC (cheating) was slapped on them, the police said, adding that more arrests were likely in connection with the incident.