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The arrested are identified as Suman, Devaraj, and Munikrishnan, all hailing from Tamil Nadu.
During the operation, the police also seized 389 fake notes of Rs 2,000 denomination equivalent to Rs 7,78,000 and a colour photocopy machine from the arrested.
A case has been registered against the accused under section 489 of the Indian Penal Code (IPC) for operating the racket in the city over the months using the machine and the arrested have been sent to 14-day judicial custody for the investigation to ascertain how long they have been operating and where all they have been circulating the fake currency notes.