Acting on a tip-off, Narsinhbhai Ravat, who was carrying 14,180 fake notes of Rs 1,000 denomination, which were tied in 142 bundles in a plastic bag, was arrested from Ahmedabad-Indore national highway.
He is a resident of Palda village in Banswada district of Rajasthan.
"A team from local Forensic Science Laboratory was called in to assess the notes which were found to be fake. When checked, the notes were found to be lacking in security features," said Assistant Commissioner of Police, Ahmedabad ATS, K K Patel.
Ravat was promised Rs 50,000 for carrying out the job.
As per an ATS release, Ravat did not know much about Raju except the fact that the latter is a resident of Morva Hadaf in Panchmahals district.
Further investigation is on.