KOCHI: Five persons were arrested for carrying demonetised notes worth Rs 1.5 crore at Chavakkad near Guruvayur in Thrissur on Friday.

The five – identified as Thajuddin, Mohammad Irshad, Feroz Khan from Coimbatore, Habeeb of Palakkad and Thajuddin of Thrissur – were nabbed while they were traveling in two cars with the Rs 1000 and Rs 500 notes.

The five used to distribute the notes to people saying that the Reserve Bank would again open counters to exchange the banned notes. They used to collect Rs 20,000 of valid notes in exchange of Rs 1 lakh.