Based on a tip-off, the police laid a trap near a hotel in town late on Wednesday night and intercepted the accused who arrived there with a bag, an official said.
Ambergris weighing 0.750 gm was seized from the accused, Nandu Kisandev Rai (28) and Arjun Harishchandra Nirmal (26), he said.
The arrested accused have revealed the name of one more person involved in smuggling the banned commodity, the official said.
Ambergris, which is created by the bile duct of the sperm whale, is often called "floating gold" because of the immense price it fetches in the international markets for its use in luxury perfumes.
An offence under relevant sections of the Wild Life (Protection) Act has been registered against the duo and further probe is underway, the official added.
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