Acting on a tip-off, customs officials said the currency was seized from Dilshad Ahmad, Waseem Ahmed and Imran Amir. The three youths stay near Jama Masjid area in Old Delhi.
"Dilshad was carrying NPR 20 lakh, whereas Waseem and Imran were carrying NPR five lakh each. A case has been registered for alleged money laundering among other charges," a senior Customs official said.
He said Dilshad has been arrested while other two were subjected to sustained investigation.
The trio had booked tickets for a flight to Dubai yesterday.
Initial investigation has found that Dilshad may be a part of an international syndicate involved in alleged money laundering, the official said.
The currency has been seized and investigation in the matter was on, he added.