Hyderabad: Sixteen people, including two advocates and a woman were today arrested from a house at Begumpet here for allegedly trying to exchange demonetised currency with a face value of Rs 1.20 crore with new notes.
"The accused brought old currency notes of Rs 1.20 crore, in denomination of Rs 500 and Rs 1,000 for exchange with new currency notes and assembled at the house of the prime accused," the police said.
A police team patrolling the area last night noticed five persons moving suspiciously and based on a tip off from them after their questioning raided the residence, it said.
The accused revealed that they were trying to change the old currency of Rs 1.20 crore into new currency, said the Hyderabad police in an official release.
The further probe is on to nab other accused, who are part of this racket, it said.
Those arrested include two advocates, a homemaker and others who are into the real estate and other businesses.