The Kothanuru police, on Wednesday, arrested five men and recovered demonetised currency worth ₹2.03 crore from them.
The accused Jayakumar, 36, and his associates Amjad Pasha, 20, Sachin, 29, Shashikumar, 28 and Sharath, 30, were nabbed while they were about to hand over the money to Syed Sameer, a city-based businessman who had allegedly promised them a 20% commission.
However, Sameer, along with a few other men, were able to escape.
According to the police, Jayakumar had earlier exchanged ₹26 lakh of old notes.
The Kothanuru police are now on the lookout for Sameer who is on the run.
