The City Task Force (CTF) police arrested six persons on a charge of exchanging old currency into new currency without any valid credentials at the MVP Colony here on Tuesday.
During enquiry it was revealed that the accused G. Prasad, N. Srinu and N. Krishna were exchanging demonetised notes with new notes from brokers K. Kumar, D. Madhusudhana Rao and NP Kumar on huge commission basis and pecuniary benefits.
During the raid, Rs12.50 lakh of new currency of Rs.2000 denomination was seized from G. Prasad, Rs.4 lakh of old notes of Rs.1,000 denomination seized from N. Srinu and Rs.2 lakh of Rs.1000 denomination was seized from N. Krishna.
It was also revealed that the brokers were mediators for the above illegal money transaction.