The police have arrested eight people for allegedly robbing a Pune-based man of Rs 5 lakh by posing as police personnel near a railway station at Kalyan in Maharashtra’s Thane district, according to an official quoted by news agency Press Trust of India.

A top police official said the complainant was lured to Kalyan by the accused with a promise of exchanging his Rs 5 lakh cash for higher denomination currency of Rs 7 lakh, earning him a benefit of Rs 2 lakh.