New Delhi, Mar 14 (Agencies) : Hyderabad Police on Tuesday arrested a man who was trying to deposit Rs 9.9 lakh in fake currency notes bearing the name 'Children's Bank of India', a Hindustan Times report said.

Kushaiguda police in Hyderabad arrested a person named Yousuf Shaik from Moula-Ali area, who was caught by Allahabad Bank staff while allegedly trying to deposit fake currency in the denominations of Rs 2,000 and Rs 500, the report said.

According to the police, Shaik allegedly came to the Allahabad Bank branch near Radhika Theatre at AS Rao Nagar soon after the bank opened at 10.30 am. He quietly handed over a few bundles of currency to the bank cashier to deposit the same in his savings bank account. There were in all 400 notes of Rs 2,000 denomination and 380 notes of Rs 500 denomination, amounting to a total of Rs 9.90 lakh.

Earlier, a Sangam Vihar resident Rohit Kumar had received four fake notes of Rs 2,000 denomination, bearing "Churan label" and "Children Bank of India" printed on it, from an SBI ATM in Sangam Vihar in south east Delhi, on February 6.

Delhi police had arrested Mohd Isha, a 27-year-old employee of a cash loading company over allegedly replacing real notes with fake notes in an ATM.

In a similar case, an automated teller machine in south Delhi's Amar colony area dispensed a fake Rs 2,000 currency note with "Children Bank of India" printed on it, police said today.

This month, the West Bengal police recovered counterfeit notes of Rs 2,000 with a face value of Rs 56,74,000 from Fancy Market in Khidderpore area of Kolkata.

According to reports, the notes were all in Rs 2,000 denomination and sealed in 'fake SBI packets'. This was the biggest such bust after the demonetisation of Rs 500 and Rs 1,000 notes that was targeted at solving the problem of fake currency circulation, among other reasons.