Acting on a tip-off, police arrested Usman (35), a resident of Khurja, and his accomplice Yaseen (32), a resident of Malda, West Bengal, from a petrol pump, SSP Anant Dev Tiwari said.
The notes used to be smuggled in from Pakistan and the gang allegedly used fake notes for purchasing livestock in various cattle fairs and last month, the gang had used fake notes worth Rs 2 lakh in the cattle fair in Khurja, he said.
The gang operated in the regions around Delhi, Tiwari said, adding, the IB is in touch with the local police in connection to matter.