Kiira division police are holding an American national identified Jack Ferarri together with Chris Kojjo his Ugandan accomplice in connection with the alleged printing of fake foreign currencies.
The duo was yesterday arrested at Mbalwa in Namugongo where they had established a small money minting factory.
The exhibits seized by police include machines used to print money, fake money in several currencies, electric guns and military uniforms among other things.
Speaking to KFM, Clayton Omona, the officer in charge of investigation and recovery at Stanbic Bank said that the search started when the bank was fleeced of close to 800 million at its Kakira branch using fake dollars.
While the Kiira division police commander Peter Nkulega says they are still investigating the suspects to establish whether they are connected to arms deals.
Last month Stanbic Bank suspended four employees in connection with a sophisticated fraud scheme in which the bank was fleeced of $317,000 (about Shs800m) that was drawn by eight people in just four days.