In a significant crackdown on financial crime, Jayanagar Police recently dismantled a sophisticated fake currency operation, arresting three individuals from Tamil Nadu. Rajeswaran M. (43), Sheikh Mohammed (40), and Miran Mohiuddin (37), all hailing from Tirunelveli district, were apprehended after a crucial tip-off revealed their scheme to defraud people by exchanging counterfeit notes at a lucrative 1:3 ratio.
The operation unfolded on the afternoon of October 13, when Jayanagar Police received intelligence that a group from another state had entered the city with intentions to exchange counterfeit notes. Specifically, the gang planned to swap ₹30 lakh worth of fake currency for ₹10 lakh in genuine banknotes.
Acting swiftly on the information, police intercepted a car where the suspects were reportedly waiting to deliver their illicit consignment to a customer. A thorough search of the vehicle revealed a deceptive mix within a suitcase: only 31 genuine ₹500 denomination notes were at the top, while the rest of the bag was filled with mere pieces of paper cut to the size of currency notes.
Further investigation shed light on the trio’s cunning modus operandi. They would circulate rumors about having access to high-quality fake notes that were nearly indistinguishable from real ones. During their initial demonstrations, they would show genuine ₹500 notes to prospective customers, convincing them of the authenticity of their counterfeit supply. However, during the actual exchange, they would cleverly layer the suitcase with a few real ₹500 notes on top, stuffing the remainder with plain paper. The fraudsters would then create a sense of urgency, rushing the transaction to prevent clients from thoroughly checking the bag before making their escape with the genuine cash.
The arrested individuals have been charged under Section 318 (cheating) of the Bharatiya Nyaya Sanhita. Authorities are continuing their investigations to determine the full extent of the racket and identify any other potential members of the gang.