Bengaluru: A 52-year-old man has been arrested for allegedly attempting to exchange counterfeit ₹2,000 currency notes worth ₹7.5 lakh at the Reserve Bank of India (RBI) office in the city.
The accused, identified as S V Ramesh, a resident of Nagashettihalli, reportedly visited the RBI office on Nrupathunga Road on April 9 carrying 377 notes of ₹2,000 denomination. He requested officials to credit the amount to his bank account.
Fake notes detected during verification
During the routine verification process, RBI officials grew suspicious about the authenticity of the currency notes. Upon closer scrutiny, the notes were confirmed to be counterfeit.
Following the discovery, a formal complaint was lodged by Bhim Chaudhary, Assistant General Manager at the RBI. Based on the complaint, the Halasuru Gate police registered a case and took the accused into custody.
Probe into possible counterfeit network
Preliminary investigations indicate that the case may be linked to a larger counterfeit currency network. Police are currently probing how the accused came into possession of such a significant quantity of fake notes.
Authorities are also working to trace the origin of the counterfeit currency, including identifying potential sources involved in printing and circulation.
Suspicion raised due to large transaction
Officials noted that the attempt to exchange a large volume of high-value currency notes in a single transaction raised immediate red flags. Although ₹2,000 notes were officially withdrawn from circulation in 2023, the RBI continues to allow their exchange or deposit at designated offices.
This provision, however, is subject to strict verification protocols, which led to the detection of the counterfeit notes in this case.
Investigation continues
Police said further investigation is underway to determine whether a broader racket is operating within Bengaluru or beyond. Efforts are being made to identify other individuals who may be involved in the distribution of fake currency.
Conclusion
The arrest highlights the vigilance of RBI officials in detecting counterfeit currency and underscores the ongoing threat posed by fake note circulation. Authorities are expected to intensify efforts to dismantle any networks involved, ensuring the integrity of the financial system.