Tosifkul Shekharchand Sheikh and Rajibul Alloudin Shaikh, both from Malda district of West Bengal, were found in possession of fake currency in denominations of Rs 1,000 and Rs 500, said H B Vora, police inspector (Special Operation Group).
Police also recovered genuine currency worth Rs 82,000 and mobile phones from the duo.
They have confessed to having collected Rs 82,000 by circulating fake currency notes in the city.
It was revealed that the duo used to target shops in crowded areas where shopkeepers do not have time to verify the notes provided to them.