The two men -- Abdul Aziz (29) and Sheikh Mohsin (28) -- posed as real estate businessmen, said Jagtial Superintendent of Police Anantha Sarma.
"The duo was allegedly accepting the demonetised notes for land sales. They indulged in exchanging the banned notes with the help of some unidentified NRIs," Sarma said.
"Acting on a tip-off, we laid a trap last night and apprehended Aziz and Moshin near the tehsildar's office and seized the demonetised currency from them," the SP said.
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