KARACHI, June 2: Police seized a stash of Rs37.7 million in counterfeit Rs100 notes and arrested two suspected money forgers in a raid in Al-Falah Society on Saturday. The details of the raid, in which two stolen cars were also recovered, were announced by city police chief Azhar Farooqui at a press conference at the Central Police Office.

He said that, acting on a tip-off, the Shah Faisal town police and the Anti-Car Lifting Cell mounted a joint operation.

Mr Farooqui said the police also seized printing material and equipment.

He refused to disclose the identity of those arrested in the police raid, insisting that it would upset the investigation process.

“But the name of the gang leader is Javed, who is still at large,” he said.

Mr Farooqui said that most often fake notes were employed in deals of narcotics, unlicensed weapons and militancy.

He added that the suspects in police custody were being interrogated about the purpose of the seized counterfeit notes.