The arrested men were identified as Humayun Sheikh and Rajesh Sheikh, DCP Ashok Dudhe said.
The police had received a tip-off that Humayun, a resident of West Bengal, had arrived with fake notes at Dharavi bus depot, following which a police team laid a trap and arrested him, said Dudhe.
Police recovered 161 fake currency notes of the denomination of 1,000 and three notes of 500.
Humayun's interrogation led to the arrest of Rajesh from Surat in Gujarat, said Dudhe.
"Subsequently, police recovered another 143 fake of 1000 denomination. The Mumbai Police is now trying to trace the source of notes," Dudhe said.
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