Police suspect the fake notes were brought to Mumbai from Bangladesh.
The duo, Marikul alias Luttu Hazruddin Shaikh (29) and Mustafa Kismat Shaikh (40), procured the fake currency from their accomplice Aalam alias Aalamgir Shaikh, who is hiding in Kolkata, police said.
On a tip off, that the duo were coming to Kherwadi in suburban Bandra to put the notes into circulation, the Crime Branch laid a trap and nabbed them yesterday, Deputy Commissioner of Police (Crime) Ambadas Pote said.
The police team seized seven bundles of fake notes in 1,000, 500 and 100 denominations from them, Pote said.
The accused were produced before a local court which remanded them in police custody till February 8, he said.
A manhunt has been launched to nab Aalam, who is suspected of bringing the fake notes from Bangladesh and handing them over to the two, police said.
