Two men were arrested from suburban Andheri in Mumbai today by the National Investigation Agency (NIA) with fake currency notes of Rs 2,000 denomination with a face value of Rs 96,000, an official said.
The official identified the two men as Saddam Salim Hawaldar and Fahad Naushad Chandiwala, residents of Sakinaka and Santacruz respectively.
Acting on a tip-off, the NIA team nabbed them and recovered 48 notes from them.
A case under relevant sections of the IPC for possessing fake notes as well as instruments and materials for forging and counterfeiting notes has been registered with the MIDC police station, the official said.
Further probe to unravel details of the FICN network operated by Hawaldar and Chandiwala is underway, he added.