The seizures were made by officials of Crime Branch of Kalyan unit, Thane police and the matter has been referred to the I-T department, Inspector Shailendra Nagarkar said.
According to the officer, acting on a tip off a police team kept a vigil and first nabbed the manager of a bank and recovered from his possession 622 notes of Rs 2,000 denomination (valued at Rs 12.44 lakh).
The police apprehended another person and recovered from him 831 notes of Rs 2,000 value (totalling Rs 16,62,000), he said.
Both have been detained for questioning, they added.