A team of Additional Superintendent of Police Rakesh Kumar and Officer in-charge of Janipur police station Mohan Kumar caught a person carrying notes valued Rs 1.5 lakhs, in the denomination of banned and counterfeit Rs 500 and Rs 1,000 notes, the SSP's office said.
The arrested person was identified as Tarun Kumar Singh, Manager of Sahara India.
During interrogation, he allegedly told police that one of his accomplices, Chandrahas Kumar, was to deposit Rs 1 lakh worth fake currency in a branch of Bank of Baroda.
The two are being interrogated intensively to unearth the entire operation, the SSP's office added.
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