Demonetised currency notes with a face value of nearly Rs 1 crore were seized from four persons from Manjalpur locality in the city, police said today.
The notes were seized last evening, following which four accused were arrested, police said.
"Old notes with a face value of Rs 99.97 lakh were seized from four persons in the city last evening. These notes, which were in the denominations of Rs 1,000 and Rs 500, were kept in the dickie of their car," Vadodara police commissioner Manoj Shashidhar said.
The accused were identified as Kirit Gandhi, owner of a motor garage here, and three others- Karsan Parmar, Rajendra Ranjitsinh Raj and Manoj Alag Chauhan, from Bharuch.
"When the police got a tip-off that Gandhi gets the old notes exchanged, they kept a watch on his activities," he said.
Yesterday evening, police intercepted a car andrecovered the old currency notes that were being brought to Gandhi for exchange, the commissioner added.
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During the interrogation, the arrested accused revealed that a person named Raju was also involved in it.
The accused have been booked under the Specified Bank Notes (Cessation of Liabilities) Act, 2017. They have been handed over to the special operation group (SOG) of police for further inquiry.
The police are also on a lookout for Raju, he said.