Counterfeit notes with a face value of Rs 15.76 lakh were seized from three persons in Mumbra area here in the early hours of Saturday, police said.
Assistance Commissioner of Police Ramesh Dhumal said the police had received a tip-off that some persons were going to arrive in Kismat Colony, carrying counterfeit notes with them.
Jainkumar Chunnulal (41), Mohammad Dilshad (26), both from Uttar Pradesh, and local resident Javed Ahmed Ansari (30) were arrested and a bag of counterfeit notes in Rs 2,000 denomination was seized from their possession, he said.
Jainkumar and Dilshad had allegedly procured the notes from Asansol in West Bengal by paying Rs 3.50 lakh, the ACP said.
Police were probing if the contraband had any link with the ongoing election campaign, he said.
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