"Rafique Shaikh was arrested along with his aide on Friday with the fake currency of Rs 1 lakh. He died in the lock-up of Dharavi police station this evening," police said.
Denying that Shaikh died after being beaten up in custody, he said the exact cause of his death will be ascertained only after the postmortem report, it added.
"He might have died of heart attack," it said.