The accused have been identified as Mubarak Hussain, Azharuddin, Mehmood and Naseem, Rajgarh Superintendent of Police (SP) Ramashray Choube said, adding two motorcycles have also been seized.
"Acting on a tip-off that Hussain, along with his associates will be coming near a railway crossing in Pachore town to deliver fake currency notes, a police party laid a trap and caught them," he said.
The accused were later arrested and fake currency notes with face value of Rs 5,22,800 was recovered from them, the SP said.
A case has been registered against them and further investigation was underway, the SP added.
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