"Police seized Rs 99,95,000 in old denominations of Rs 1,000 and Rs 5000 from two cars parked in the locality in afternoon," DCP Laxmikant Patil told reporters.
Police suspect that the scrapped banknotes were brought for exchanging them with new bills.
The detainees have been identified as Krishna Holkar (50), Sagar Kulthe (34), Shivaji Maind (45), Yogesh Nagare (35), and Milind Kulthe (40).
Police are investigating further, the officer said.
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