The police also seized fake currency notes of over Rs six lakh from the accused.
According to SSP Mandeep Singh Sidhu of the Sangrur police, the arrested have confessed that they were on their way to supply a consignment of fake currency notes at Bathinda.
Following a tip-off, the police stopped the motorcycle the accused were driving on the highway and found Rs 6,54,900 in fake currency in their possession. While two of the motorcycle riders were arrested, one of their accomplices managed to flee.
The arrested have been identified as Saraj Singh, and the kingpin of the racket Harpreet Singh, a post-graduate student in a Patiala college. The one who fled has been identified as Karamveer Singh.
The police said the accused were running the racket for the last three years from a rented house in Patiala.
When the police searched the establishment, they found two scanners, ink, papers for printing counterfeit currency, one-sided printed currency and some other material used for manufacturing fake currency.
Sidhu said the accused started their operation by printing notes of Rs 100 denomination and later started printing Rs 500 notes.
The accused have been arrested under sections 420 (cheating), 489A (counterfeit currency-notes), 489B (using as genuine counterfeit), 489C (possession of counterfeit currency) and 489D (possession of material used for making counterfeit currency).