Siddarth Sethia
The Jayanagar police on Monday busted the fake currency racket and arrested a gang of three from TN for cheating people offering fake currency note for 1:3 ration .
The accused identified as Rajeswaran M,43,Sheikh Mohammed,40,and Miran Mohiuddin,37,from Thirunelveli in Tamilnadu were caught red handed based on a tip off .
Senior officer told reporters that on the afternoon of October 13,the Jayanagar police were tipped that some people from a different state had entered the city to exchange Rs.30 lakh worth of counterfeit notes in exchange of Rs.10 lakh genuine currency notes .
A team of police based on specific inputs intercepted a car in which the suspects were waiting for their customer to deliver the consignment .
The police searched the car and found a suitcase containing 31 currency notes with Rs.500 denomination, while the rest were all pieces of paper cut into the size of currency notes .
Probe revealed that the trio offering fake currency would cheat people.They would spread the word around that they had fake notes that were close to the originals.
They would show real Rs.500 notes to their customers, making them believe that they were fake.Then during the exchange,they would layer the top of the suitcase with the genuine Rs.500 currency notes and fill the rest of the bag with white paper pieces, the officer said,while explaining the Modus Operandi .
The accused would create a scene of rush and hurry to avoid the clients to check the bag citing undue attention, and escape with the cash.
The accused have been booked under Section 318 (cheating)of the BNS and further investigations are on to ascertain possible involvement of other gang members .
