Police on Tuesday arrested two persons for their alleged involvement in smuggling demonetised Indian bank notes from Khusibu, KMC-17.

The suspects have been identified as Man Bahadur Lama, 37, of Khanda Devi Rural Municipality-8, Ramechhap district, and Amit Dangol, 30, of Swoyambhu, KMC-15.

Acting on a tip-off, a police team deployed from the Crime Investigation Department (CIB) nabbed the duo with IC notes with face value of Rs 4,950,000. CIB had seized 3700 notes of 500 denomination and 3100 notes of 1,000 denomination.

Police said that they have also siezed a motorcycle, a samsung mobile phone and a bag from their possession.

Meanwhile, the duo along with the seized notes has been handed over to the Revenue Investigation Department in Pulchok, Lalitpur, for further investigation.