The face value of the counterfeit notes is stated to be Rs 35,600, police said, adding that a case was registered against an unknown person on the complaint lodged by a private bank.
Police are investigating how the man convinced so many persons to accept the notes for deposit.
The fake notes detected by the banks comprise 25 pieces of Rs 1000 and 21 pieces of Rs 500.
They were found to be deposited between November 10 and November 30.
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