The accused, identified as Guddu (29), Charan Das (39), Nasir Khan (28) and Damanjit (22), have been arrested, DCP (Southeast) Romil Baaniya said.
The victim, Sachin Bhardwaj approached police on November 14 alleging that he had been cheated of Rs 6.5 lakh.
Sachin told police that an acquaintance had told him that he would get his old currency notes exchanged for notes of Rs 100 denomination.
When Bhardwaj met the man at Lohia Bridge, Agra Canal, Jaitpur, he handed him a bag containing Rs 6.5 lakh in demonetised notes. The man handed him another bag purportedly containing the same amount in Rs 100 notes, he said.
However, Sachin later found that he had been handed over wads of papers with Rs 100 note on top of each wad, he said.
Damanjit was quizzed and initially she tried to mislead the police but she broke down and led them to other accused, Baaniya said.
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