Police today arrested three persons including a karate coach in Panjagutta area here as they were allegedly trying to exchange Rs 1.2 crore in demonetised currency.
Saleem Tamimi, a Karate teacher, real estate broker L Subba Reddy and Mohammed Alim, a businessman, had planned to exchange scrapped notes in the denomination of Rs 500 and Rs 1,000 in their possession with valid currency, said Deputy Commissioner of Police B Limba Reddy.
Police seized the demonetised currency they were carrying. Further probe is on.
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