The gang members have been identified as Rafik, Jahul, Mohamad Hasim and Mubarik, all hailing from Haryana's Mewat district. They were arrested outside a private farmhouse here in Sector 66.
Police have seized fake currency worth Rs 14,96,000 in the denomination of Rs 2,000 banknotes.
Gurugram Police PRO Subhash Bokan said the differences between fake and genuine banknotes are very minor making it difficult to detect.
"During interrogation, it appeared that Rafik obtained fake currency from his close friend Rakesh. He also arranged Rakesh's meeting with his mentor Umma Tyagi, the farmhouse owner involved in the illegal activity. Whenever the accused struck a big deal with others, they introduced Tyagi as an SP rank officer of CBI, in a bid to carry out the deal smoothly," Bokan said.
An officer of crime branch received a tip-off that some members of the Mewati gang had come to Gurugram's Sector 66 area on Monday night and were exchanging fake currencies.
Theresfter, the police team sent a constable as a decoy customer in a bid to catch the culprits red-handed.
When he approached the gang members to exchange a genuine Rs 2,000 banknote, he was given Rs 6,000 consisting of three fake banknotes of Rs 2,000 each.
After the 'completion of deal', the decoy customer (police constable) signalled his colleagues, who then raided the spot and managed to nab four individuals. The other gang members managed to escape.
The arrested members are on a three-day police remand as police try to obtain information regarding the route of illegal currency trade.
"Rakesh, who fled the spot, is believed to be holding the key to crack this nexus. Efforts are on to nab him and his other associates," Bokan said.
( With inputs from IANS )