Four people have been arrested in the UAE for trying to sell fake Indian currency worth 4.7 million rupees (around $78,000) to a businessman, a media report said here on Wednesday.

The four men, identified as Asians in their 30s, approached a Dubai-based businessman to buy goods with the fake rupees. However, they soon switched the deal and proposed to sell the Indian 'rupees' in exchange for 140,000 dirhams, Gulf News reported.

The existing exchange rate put the value of 4.7 million rupees at 285,000 dirhams.

The businessman, who was shown a few samples of the 1,000 rupees bills, however, informed the police and sought an examination of the bills.

Police asked the businessman to go ahead with the plotted deal and arrested the suspects in Dubai's Naif area.

"The forgery was among the best we have seen," head of Assistant Police for criminal investigation affairs, Major General Khalil Ebrahim Al Mansouri, said.

A police official said experts were amazed at how detailed and immaculate the forgery was