One person was held with Rs.1 lakh in fake currency notes by the Maranalloor police here on Thursday.

The police said Natarajan, a businessman from Maranalloor, had reached the South Malabar Gramin Bank there to deposit Rs.1 lakh in cash.

Of 500 denomination

However, the cashier found that the entire bunch of notes, 200 notes of 500 denomination, was fake. The police were alerted and Natarajan was taken into custody.

He claimed that the notes were given to him by another person during a business transaction. The claim was being verified. He would be produced before court on Friday, the police said.