Counterfeit notes of denomination of Rs 2,000, Rs 500, Rs 50 and Rs 20 were recovered during a routine raid by police on private money institutions, to check loan sharks.
Police said Rakesh, a local Yuva Morcha leader was arrested in connection with the incident.
They also recovered a printer, scanner and a laptop used for making fake notes from his premises.
He was also carrying out a money lending business, police said.
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