In a significant crackdown on financial crime, Ranipet Town police on Wednesday arrested a five-member gang accused of circulating counterfeit ₹500 notes across the district. Their illicit activities spanned multiple towns including Walajah, Arcot, Sholinghur, and Arakkonam.
The arrested individuals have been identified as Askar Basha (49), Sardar (48), Wasim (42), Ibrahim (38), and Siva (42). All are residents of Ambur town and are reported to be childhood friends from Walajah, who later formed this illicit network.
The elaborate scheme came to light through a seemingly routine transaction. K. Muthuraman (41), a transport operator from Walajah, and his wife M. Kosalai (38) had recently borrowed ₹2.23 lakh from a nationalized bank, pledging five sovereigns of gold for medical expenses. Seeking to recover their jewelry, Muthuraman arranged to sell his lorry through B. Ramu (55), a local second-hand vehicle dealer. Ramu connected Muthuraman with the gang, who purchased the lorry for ₹2.35 lakh.
However, when the couple attempted to repay their bank loan, manager S. Rajarajan discovered that ₹10,000 of the deposited cash consisted of fake ₹500 notes. Promptly acting on the bank’s complaint, Ranipet police initiated an inquiry. The couple’s statement, revealing the origin of the suspicious cash from the lorry sale, led investigators directly to the gang’s hideout in Walajah.
During the raid, police successfully apprehended all five gang members. They also seized a substantial haul of counterfeit ₹500 notes, along with color printers and other sophisticated equipment used in the currency counterfeiting process. A case has been registered, and the accused have been remanded to Central Prison in Vellore as further investigations continue.