Mumbai, Aug 25 (IANS): The Navi Mumbai Police have arrested two persons, hailing from neighbouring Gujarat, here and seized fake Indian currency notes with a face value of around Rs 50,00,000 from their possession, officials said on Friday.

Senior Police Inspector Rajeev Shejval of Kharghar Police Station informed IANS that both the accused shall be produced before a Magistrate Court later today for remand, and further investigations are underway.

Following a tip-off, a team of Kharghar Police Station kept a close watch on the duo from Bhuj town in Kutch district and caught them late on Thursday night.

A search of the accused revealed cash of over Rs 1 lakh of genuine currency and more than 9,980 fake currency notes of Rs 500 denomination.

Though appearing to be similar to the real currency notes, the fake notes had no serial numbers and are printed with 'Children Bank of India', and having a total face value of nearly Rs 49.90 lakh, confirming the fraud.

The police suspect that the duo - identified as Usman D. Saha, 40 and Abdul H. Turk, 41 - planned to circulate them in the markets to dupe unsuspecting people.

The accused Saha and Turk have been charged under various Indian Penal Code sections, and the sleuths are probing on to find out where the fake notes were printed or acquired from, identify their associates and nexus in Gujarat and Maharashtra and since how long the counterfeit currency racket is being perpetrated.