The accused were trying to change the demonetised notes with new ones on March 1, they said.
The police's crime branch received information about four youths and a team immediately intercepted their car at the Himgiri Chowk at Sector 10.
"We have arrested them and seized the car. During the search, the police team found a suitcase containing 4.99 million old currency notes," said Gurgaon police PRO Ravinder Kumar.
Sanjay Lal, Bithal Keser, Lucky Sharma, and Satya Narayan Mandal have been arrested.
"During interrogation, Sanjay Lal revealed that Rajesh Kumar Miglani, a Noida-based resident, had given the old notes,"Kumar said.
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