Six persons were held with demonetised notes with a face value of over Rs 1 crore in Indore in Madhya Pradesh, police said on Sunday.
Senior Superintendent of Police (SSP) Ruchivardhan Mishra identified the six as Mohammed Aslam Ali (25), Dilip Zena (31), Rajiv Panda (25), Divyaram Vyovara (27), Vishal Parihar (33) and Jaikush Wah (33).
"Aslam, the leader of the gang, and three others are natives of Odisha. The rest are from Gwalior. We seized Rs 1.15 crore in old notes of 200 and 500 denominations. They were stored in school bags," the SSP said.
The demonetised currency notes were received from the traders of Odisha to be exchanged with new ones on a commission basis, Mishra said.
The seizure has been reported to the Income Tax Department and the Enforcement Directorate, the official said.
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