STF sources said today that Anwar Hussain Mullick (42), a resident of West Bengal's Nadia district, was arrested last night at the bus stand in BBD Bag.
They said some "ultra modern" explosives and fake currency notes worth Rs 1,90,000 were found in his possession.
According to sources, Mullick is suspected to be supplying explosives to some banned Islamic groups.
He was today produced before a court and sent to police custody till July 20.
STF chief Rajeev Mishra, when contacted, said that no link could be established between the accused and the Indian Mujahideen or the Pune blasts.