Bengaluru: The central division police on Friday arrested seven men and seized demonetised currency notes valued at nearly Rs 1 crore from them, when they were trying to get the notes exchanged for new ones on MG Road.

The arrested are Shiva Prasad, a resident of JP Nagar, Shivalingappa (55) from Basaveshwaranagar, Abdul Rahman (50), Pradeep (43), both from Kannur in Kerala, Ravikumar (24), a resident of Hesaraghatta, Manjunath (24), and Basavaraju (30), both from Tumakuru district. The police also seized two cars from them.

The Cubbon Park police had credible information about the seven persons trying to exchange the notes for a commission of 30%.

Caught in the act

Around 7 pm, a police team headed by ACP Manjunath and Cubbon Park police inspector S Nagaraj swooped down on the seven, when they were trying to exchange the notes.

The police seized demonetised notes in denominations of Rs 500 and 1,000, worth Rs 96.9 lakh, along with Honda City and Indica cars. They were booked under Section 7 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017, the police said.