Acting on a tip-off that new currency were being transported from Malegaon to Pune in a car, police conducted checking on the Manmad-Malegaon square, said Additional Superintendent of Police Harsh Poddar.
A car was stopped at around 3 am and upon thorough checking, cash of Rs 1.98 crore was recovered, said the official.
Police have detained two persons identified as Mahadev Markand and Mohan Shelar, Poddar said.
The amount will be handed over to the Income Tax department, added the official.
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