AURANGABAD: Three people were arrested on Tuesday and demonetised currency with a face value of Rs 25.80 lakh was seized from them in Aurangabad in

, police said.

One of the accused tried to escape when cornered and was chased down by an assistant inspector, both suffering minor injuries after falling while running, an official said.

"Shaikh Moin (35), Syed Azharuddin (37) and Shaikh Umar (37) arrived at Katkat Gate area here at around 7am to exchange scrapped notes with a face value of Rs 2 lakh for valid currency worth Rs 25,000. However, a police team was already in wait there after being tipped off," said Assistant Commissioner of Police Nagnath Kode.

On being cornered, Umar tried to flee with the bag containing the demonetised currency, but assistant inspector Gautam Wavale gave chase and pinned him down some distance away.

"Both of them fell during the chase and sustained minor injuries. The bag contained 980 scraped notes of Rs 1000 denomination and 3200 pieces of Rs 500 denomination, with a total face value of Rs 25.80 lakh. All three have been arrested," the ACP said.

Jinsi police station has taken a case under Specified Bank Notes (Cessation of Liabilities) Act, 2017 and further probe into the racket was underway, he added.