The matter came to light when two parties involved in the case had a disagreement over the exchange of currency on Friday.
Explaining their modus operandi, the police said one of the accused managed to take the photostat copies of the currency notes.
The GDP growth rate has been clocking an underwhelming below 7% ever since (barring a couple of quarters in Financial Year 2018).
Renganayagi (name changed) was in a pet store in the city recently for snapping up some toys for her just-adopted pup.
Police have seized the highest amount of fake currencies of Rs 8 lakh from Nirala and Rs 4.46 lakh from Jhangde.