"The arrested persons are identified as Satyanarayana, Diamond Raja, Saravana Priyan, Rajagopal and Kishore from Tamil Nadu, all aged between 30 and 35 years," he said.
A case has been registered at Cubbon Park police station under Sections 420 of the Indian Penal Code, 41B of the Criminal Procedure Code and 7 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017.
"The accused are in our custody. We will produce them in the court on Tuesday," said Cubbon Park police inspector S Nagaraj.
This was the latest in the seizure of sizeable quantities of demonetised money in Bengaluru in March and April.
On April 2, 14 men were arrested with demonetised notes of the face value of Rs 9.1 crore, while on April 15, former corporator V Nagaraj's residence and office were raided and demonetised notes of the face value of Rs 14.8 crore seized.
On April 29, seven persons were arrested with demonetised notes of the face value of Rs 96.9 lakh.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on ndtv.com/elections. Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections.