Two persons were held on Monday in Gujarat's Navsari with fake notes with a face value of Rs 15,500, police said.
Apart from 97 fake Indian currency notes (FICN) of 200, 500 and 100 denominations, the raid on a house in Alipore village in Chikhli taluka also yielded a colour printer, an official said.
"The raid was carried out by the Special Operations Group after a tip-off that Riyaz Haroon and Afzal Ghanchi were trying to circulate fake notes near the highway. The notes were printed at Afzal's house. He is a history-sheeter with bootlegging and kidnapping cases against his name," he said.
They have been arrested under section 489 (using as genuine forged currency notes) and others of the Indian Penal Code and probe was underway to unravel the FICN circulation network in the case, he informed.