Manish Patel, who runs transport business at Santej in Gandhinagar district, had approached some persons who promised to exchange Rs 36 lakh in the old Rs 500 and Rs 1,000 notes which he possessed.
"Manish got in touch with his relative, asking him to help him exchange the defunct notes. He was then taken to the accused who took his money, promising that it will be exchanged with new currency notes, and did not return," inspector B N Dave of Santej police said.
Mr Patel handed over the money to the accused on November 14, Mr Dave said.
An FIR was registered against six people including Maya Patel, a lady police constable from Ahmedabad, and Chandrakant Patel, employee of IDBI Bank, for cheating.
Out of the six accused, Chandrakant Patel and Nirav Patel have been arrested, Dave said.
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