A 16-member gang has been arrested for trying to exchange old currency into new denominations. A probe is currently going on in the matter. According to Inspector Begumpet, the 16-member gang brought the old currency of Rs. 1.2 crore in 500 and 1,000 old denominations to exchange with new denominations. On receiving the information, the police reached the spot and arrested 16 persons and seized Rs. 1.2 crore of old currency.