Members of Rapid Action Battalion (RAB) in a drive arrested two men along with counterfeit notes worth around Tk 0.44 million (4.40 lakh) in Singra municipality area on Sunday night.
The arrestees are Samad Mollah and Kisman Sarker, residents of Agpara area.
Major Sibli Mostafa, camp commander of RAB-5, said Samad and Kisman gave the money to rice trader Kanchan Paul for business purpose.
On suspicion, Kanchan informed the matter to the municipality mayor, reports a news agency.
Later, the mayor called the accused at his office and informed the matter to RAB members.
A team of the elite force arrested them from mayor's office, said the RAB official.