The Bibinagar police along with the special operations team today arrested five persons, including a woman, who were allegedly trying to exchange scrapped currency notes of Rs 1,000 and Rs 500.
Among those arrested include a promoter of a television channel and reporter of a Telugu daily, said police.
According to a release issued by the police, they have seized 5,981 notes of Rs 1,000 and 430 notes of Rs 500 totalling Rs 61,96,000, one four-wheeler and eight mobile phones from their possession.
They tried to lure people by saying that the government has given one more chance to exchange the old currency by producing Aadhar card, it said.
The gang decided to exchange their currency by offering 70 per cent discount, the statement said, adding, one more person involved in the case is absconding.
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