City Police have arrested a 40-year-old man for allegedly carrying fake currency notes with the face value of Rs 2.83 lakh, an officer said on Tuesday.
Acting on a tip-off, crime branch officials stopped a man near RTO Office on Monday evening, he said.
"Police found 566 counterfeit notes in denomination of scrapped Rs 500 stuffed in the bag being carried by Kaluram Indvale, a resident of Kasara in Thane district," senior police inspector Jairaj Ranavare said, adding that another person accompanying Indvale managed to escape.
A case has been registered against various sections of the Indian Penal Code (IPC).
Further investigation is underway.
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