Three persons were arrested for possessing scrapped 500 and 1000 currencies, valued at Rs.one crore, near Tirupur.

Noticing that a car was parked in Solipalayam on the outskirts of Tirupur, police, who were on vehicle checking last night, questioned three inmates of the car.

A search in the car yielded scrapped notes in the denomination of Rs.500 and Rs.1,000 with a face value of Rs.one crore and the trio have been identified as Ramasamy and Senthilkumar from Pudukkottai and Mohammed Sulaiman from Tiruchirapalli, police said.

All the three were today produced before Tirupur judicial Magistrate, S Palani, who remanded them to custody for 15 days. There were brought and lodged in the Central Jail here.

Police are on the look out for one Govindan, another accomplice and investigations are on,they said.