Police arrested a 45-year-old man for allegedly cheating people on the pretext of offering them low interest loans and seized fake currency notes having face value of Rs 8 lakh from him in Jalna district of Maharashtra, an official said Thursday.

The accused, Raju Khan, a resident of Tirathpuri village, told some locals that he could arrange loans for them from a trust on low interest rates and collected Rs 52,000 from 11 people, including nine women, he said.

Khan told the victims on Wednesday to come to Jalna city and wait for him outside a bank there.

As the victims waited for him, he came out of the bank and handed them some bundles of notes.

However, when the victims checked the currency notes, they found them to be fake with "Children Bank" written on them, the police official said.

The victims caught Khanand took him to a local police station where they lodged a complaint against him, he said.

The police later recovered fake currency notes in various denominations with face value of Rs 8 lakh from his home in the village, the official said.

The accused, hailing from Tonk district in Rajasthan, was arrested and booked under relevant sections, he said, adding that a probe was underway.

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