Representative image showing Indian currency.
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Police have arrested two persons in Maharashtra's Navi Mumbai and seized from them fake currency notes with the face value of nearly Rs 50 lakh, an official said on Friday.
The accused, who hail from Bhuj in Kutch district of neighbouring Gujarat, were arrested on Thursday night based on a tip-off, and the police also recovered cash worth more than Rs 1 lakh from them, he said.
"After being alerted, a team from the Kharghar police station in Navi Mumbai nabbed the duo. During their frisking, a total of 9,981 fake currency notes of Rs 500 denomination with 'Children Bank of India' written on them and without any serial number were seized from them," he said.
The seized notes looked exactly like the genuine ones. The accused had planned to circulate these notes of Rs 49,90,500 face value in the market, the police official said.
Cash worth Rs 1,09,500 was also recovered from the duo identified as Usman Dushap Saha (40) and Abdul Hasan Turk (41), he added.
Police said that the accused have been booked under various Indian Penal Code (IPC) sections, including 420 (cheating), 489 (B) (using as genuine, forged or counterfeit currency-notes or bank-notes) and 34 (common intention).