Another five persons including the main accused Padma were absconding, Two-Town circle inspector BVG Raju said.
Based on a complaint from M Eswaramma, the woman, police had registered a case a week ago.
Eswaramma told police that Padma had offered her commission for exchanging new currency for the demonetised notes.
Accordingly Eswaramma gave Rs 11.25 lakh in Rs 2,000 and Rs 100 denominations to Padma.
Padma had promised her Rs 15 lakh in defunct currency in return, however she disappeared after taking the money.
Police today arrested Naidu (42), Srinu (23), Lakshmi (35) and Shyam (32) under section 420 (cheating) of IPC. Further probe is on.
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