The raids were conducted last evening following which five persons were detained in this connection, ACP Niteen Kouthadikar told newsmen here.
Cops swooped down on the premises on a tip off that some persons were exchanging old notes for new ones for a commission.
Those detained were Jaidas Vilas Telavane, 34, Suresh Manji Phatak, 32, Iqubal Karim Patel, 46, Mahesh Vasant Patel, 31 and Juber Nizamuddin Patel, 40, police said.
The seized cash was handed over to Income Tax officials, who are further probing the case.
PTI