Nageshwar Dubey (35), resident of Gondia, Maharashtra, was arrested, but three others, including the prime accused Afroz Khan, managed to flee, superintendent of police Amit Sanghi said.
Police had received a tip-off that Dubey and Afroz had come here from Gondia to get the scrapped notes exchanged.
"We are investigating the matter and efforts are on to arrest Afroz alongwith Ravi Agrawal and Praveen Mishra, both residents of Balaghat district," the SP said.
Dubey was on a scooter while other three were in a car when the police caught up with them on Gondia road. Police arrested Dubey, but other three fled, leaving the car behind.
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