Police Inspector A Nirmal of the Kalyan railway police station said that the police found the movement of three persons suspicious who had alighted from the Patna-Kurla Rajendra Nagar Express at Kalyan station last night.
Even as police approached them, one person escaped while the other two were nabbed. Upon searching their bags, police found bundles of fake currency notes of Rs 500 and Rs 1,000 denominations worth Rs 5.48 lakh.
The two gave their names as Saidul Ali Saifad Ali Saifi (24) from Jharkhand and Rakin Ali Yard Ali Saifi (32) from West Bengal.
The duo has been booked under sections 489(a) and 489 (C) of the IPC for possessing counterfeit notes and hunt is on to arrest the third person, police said.