Police have seized Rs 1 crore in banned currencies from a gang on Saturday night at Vadapuram in Nilambur. Demonetised notes of Rs 500 and Rs 1000 were found in the contraband.
The men were identified as Sreekaryam native Santhosh(43), Chennai native Somanandhan (71), Kondotty native Firoz Babu(31) and Machery native Shijal(32).
The tip-off came from agents operating in Kondotty and Kottakal area, during police questioning.
A team then lay in wait for the five-member gang that arrived in two cars for distributing the Rs 1 core pack. The gang after being nabbed were identified as operators in Thrissur and Palakkad region.
Karnataka and Tamil Nadu based agents for distribution of demonetised notes are their contact points too, the gang revealed.
The men have been remanded after producing them before magistrate on Sunday.