The police is currently investigating who changed the money and where.
Over Rs 8.5 lakhs in new currency was seized by the police in Bengal's West Midnapore district after a long car chase on Thursday night.
In West Midnapore's Debra, a Scorpio SUV did not stop when it was flagged down by the police and raced away. Alarmed, the police chased the car, and found the cash inside, said police officer Bharati Ghosh.
The two occupants of the car, driver Subrata Majhi and passenger Purna Shankar Ganguly, were arrested. Both were produced in court today and remanded to police custody for three days.
Ganguly heads an NGO called PKG International Welfare Foundation which is based in the West Midnapore district.
On being caught, Ganguly had claimed that he got 8.5 lakh in new currency on exchanging demonetised notes worth Rs 10 lakh, police said.
The police is currently investigating who changed the money and where.
This is the first instance of cash being seized in such a large quantity in West Bengal.
Earlier, a bank manager and two other persons were arrested after several cash deposits to the tune of Rs 7 crore were made in dormant accounts in the state.