Bengaluru: Chamarajpet police have arrested seven people in connection with a counterfeit currency racket and seized 4,337 fake Rs 500 notes, officials said on Thursday.
The arrested accused have been identified as Murugeshan, Govindan, Lakshmana, Saravan, Satya, Krishna and Barkath. They are from Tamil Nadu and Telangana.
Police act on tip-off
Acting on a tip-off, Chamarajpet police conducted a raid near a petrol bunk off the Mysuru Road flyover down ramp on September 14.
During the operation, police intercepted a car and arrested two men who were travelling in it. They seized 3,000 counterfeit Rs 500 notes, two mobile phones and the car.
During interrogation, the two accused allegedly revealed details about a wider network involved in printing and circulating counterfeit currency. They reportedly told police that they were operating with nine associates and provided information about the other members of the group.
Based on the information gathered during the investigation, police subsequently carried out searches in Tamil Nadu and Telangana.
Five more arrested in Tamil Nadu and Telangana
Two suspects were arrested in Chennai on September 16, while three others were apprehended in Ranga Reddy district of Telangana on September 18.
Police also seized six mobile phones from the suspects arrested during these operations.
Further searches were conducted in Tamil Nadu between September 24 and 25. Police recovered another 1,337 counterfeit Rs 500 notes from a suspect’s house in Krishnagiri district.
With this recovery, the total number of counterfeit Rs 500 notes seized in the case has reached 4,337.
Equipment used to print fake notes seized
During the search of the premises in Krishnagiri, police also recovered equipment allegedly used for printing counterfeit currency.
The seized items included a computer, laptop, laminator, colour printer, cutting machine, holograms and a photocopy machine.
According to police, the total value of the seized equipment and other materials is estimated at Rs 21 lakh.
The investigation is focused on establishing the extent of the network, identifying the remaining suspects and determining how the counterfeit notes were being printed and circulated.
Four suspects yet to be traced
Police said efforts are continuing to trace four other suspects believed to be linked to the racket.
The seven arrested accused have been produced before a court and remanded in judicial custody.
Police are continuing their investigation to determine the roles played by each accused and to gather further details about the source of the equipment and the circulation of the counterfeit currency.
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