The official identified the two persons as Saddam Salim Hawaldar and Fahad Naushad Chandiwala, residents of Sakinaka and Santacruz respectively.
Acting on a tip off that the duo would come to Marol area in Andheri to carry out transactions with the fake Indian currency notes (FICN), the NIA team nabbed them and recovered 48 such notes from them.
A case under relevant sections of the IPC for possessing fake notes as well as instruments and materials for forging and counterfeiting notes has been registered with the MIDC police station, the official said.
Further probe to unravel details of the FICN network operated by Hawaldar and Chandiwala was underway, he added.
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