Two local businessmen were today arrested and fake notes having a face value of Rs 6.20 lakh in denomination of Rs 2,000 were seized from them, police said.
Acting on credible information, sleuths of the Special Operation Team of Rachakonda Commissionerate arrested the duo, Sakethwala Ramesh and Mohd Riyaz Baba, after raiding the latter's house in Ibrahimpatnam, a police release said.
The sleuths seized fake notes with a face value of Rs 6.20 lakh from their possession, it said, adding the counterfeit currencies were in denomination of Rs 2,000 notes.
The new Rs 2,000 notes were released in November last year following the demonetisation of Rs 1,000 and Rs 500 bills.
Ramesh is the kingpin of the racket and he was arrested in November last year along with seven others in a similar case, it said.