A van with a fake stamp of Maharashtra Police on it was also seized, Superintendent of Police Rajiv Jain said.
Acting on a tip-off that a Pune-based gang was circulating fake currency, police raided Hotel Sushilka near bus stand here around noon, the SP said.
Pramod Mohakar (34) of Pune, Prakash Wadiskar (34), a resident of Aurangabad, Abhijeet Meheskar (24) of Akola and Nagesh Ahire (50), a local were arrested, he said.
A team has been sent to Pune for further probe.
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