Seven people were arrested on Monday for allegedly trying to circulate outdated Turkish currency with a face value of Rs 10 crore in Hyderabad, police said.

The arrests were made after the Cyberabad police conducted raids on the residence of one of the accused on May 14, they said.

The gang tried to circulate the Turkish Lira currency notes and coins belonging to pre-2005 series, which are no longer in circulation and are not accepted as a new series of Lira notes which was introduced on January 1, 2009, police said.

"The accused persons illegally secured the prohibited Turkish Lira currency from different sources and tried to exchange the same," the police said in a statement.

The accused persons and the seized currency have been handed over to Malkajgiri police for further investigation, police added.

Inputs PTI