The Air Intelligence Unit of Mumbai Customs apprehended the duo and is trying to find out if there was any link between the two, officials said.
"We have apprehended two persons - Ameer Bawa and Sahuber Kareem - who were going to Singapore and recovered two lakh US dollar from them," said A P S Suri, Commissioner of Customs.
The total value of the seized currency is around 1.32 crore in Indian rupees.
Another Customs official said they are investigating the case and trying to find out if there was any link between the two passengers.
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