"Constable Vikas Naik has been suspended following a complaint of robbery of Rs 34 lakh," Deputy Inspector General of Police Vimal Gupta told PTI.
The incident had happened earlier this week when one Iqbal Memon arrived in Goa with the cash which he was offering to exchange for the defunct notes.
Two people posing as policemen allegedly came to meet Memon and fled with the cash, he said in his complaint.
"During the investigation, police zeroed in on Vikas Naik who is working with the department," said an official attached to Saligao police station.
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