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Police said they intercepted an explosives-laden vehicle at a check post on Thatta Road in Taxila, located over 30-km from Islamabad.
The two men travelling in the car were taken into custody, officials said. The vehicle and the men were brought to Rawalpindi for further investigations.
An army bomb disposal squad was called in to defuse the explosives.
Taxila has a sizable military presence.
Police did not give details about the intended target of the arrested men.