Cash totalling Rs. 45 lakhs in new currency notes of Rs. 2000 was seized after police raided commercial premises of a firm at Kharghar in Navi Mumbai.
The raids were conducted last evening following which five persons were detained in this connection, ACP Niteen Kouthadikar said.
Cops swooped down on the premises on a tip off that some persons were exchanging old notes for new ones for a commission.
Those detained were Jaidas Vilas Telavane, 34, Suresh Manji Phatak, 32, Iqubal Karim Patel, 46, Mahesh Vasant Patel, 31 and Juber Nizamuddin Patel, 40, police said.
The seized cash was handed over to Income Tax officials, who are further probing the case.