Niteen Jain (32) and Arvind Jain (34), both residents of Khadakpada in Kalyan, were detained yesterday from near Andhra Bank on a tip-off.
During the search, police seized Rs 23 lakh in Rs 2000 banknotes, stated an official release issued today.
According to police, the duo had brought the cash with the purpose to exchange it with the scrapped banknotes.
They were handed over to Income Tax department along with the cash for further action.
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