Four persons were arrested in Surat in Gujarat after fake notes resembling the Rs 2000 currency were seized from them, police said on Saturday.
The face value of the seized fake notes with "Children Account of India" printed on them is Rs 2 crore.
According to police, the arrested accused wanted to dupe people by tricking them into exchanging their genuine notes with the counterfeit ones.
During routine checking of buses near a check post on Friday night, Surat Police found four persons from Mumbai in possession of bundles of notes closely resembling the Rs 2000 currency with "Children Account of India" printed on them.
"They were carrying bundles of 9,981 such notes. Police found that 'Children Account of India' and 'Rs 2000 coupon' printed on the notes which lacked serial numbers," a Pune police station official said.
They were also carrying 19 pieces of genuine Rs 2000 currency notes totalling Rs 38,000, which were seized.
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"They were planning to dupe people by making them exchange their genuine notes with the fake ones during Diwali festivities. They had placed fake notes between genuine ones for cheating," the official added.
A case was registered under sections 420 (cheating and dishonestly inducing delivery of property), 120 (B) (conspiracy), and 114 (abettor present when offence committed), of the Indian Penal Code (IPC).