Bengaluru: Chamarajpet police have busted a counterfeit currency racket with the arrest of a seven-member gang and seizure of 4,337 fake Rs 500 notes, a car, eight mobile phones and equipment used to print the currency. The seized notes have a face value of Rs 21.7 lakh.The arrested have been identified as Sattaiah alias Sathya (47), Murugesan (52), Govindan (43), Barkath (38), Saravan (47), Lakshmana (46) and Krishna (43). Three are from Hyderabad, Telangana, and four from Tamil Nadu.Acting on credible information, a team led by police inspector Kiran V intercepted a Swift Dzire (TN-23-AE-7749) near a fuel station close to the BGS Flyover down-ramp on Sept 14 and apprehended two persons. The duo allegedly confessed to circulating counterfeit notes to make quick money. Police seized 3,000 fake notes of Rs 500 denomination, the car and two mobile phones from them.During interrogation, the duo allegedly revealed they were working with nine others. Police arrested two more persons in Chennai on Sept 16 and three others in Ranga Reddy district, Telangana, on Sept 18.Further investigation led the cops to a house in Krishnagiri district of Tamil Nadu, where they recovered 1,337 more counterfeit notes. They also seized a computer, laptop, laminator, printer, cutting machine, holograms, photocopier and other equipment used to print the fake currency.All seven accused have been remanded in judicial custody. Police are searching for four others who remain at large.Learnt from internetSathya, who is involved in business activities, was interested in rice pulling and other illegal activities. He allegedly became acquainted with Murugesan, who is in the paint business. Murugesan had visited Govindan’s printing press in Chennai to get wedding invitations printed, and the two became friends.Over time, Sathya and Murugesan decided to make quick money and hatched a plan to manufacture counterfeit notes. They shared the idea with Govindan and sought to make the notes closely resemble genuine currency.They searched the internet for detailed information on making counterfeit notes and began buying the required equipment and paper. They practised for nearly six months, initially struggling to produce convincing notes. They later purchased higher-quality equipment and matching ink and eventually succeeded in printing the windowed security thread.Once they achieved this, they began circulating counterfeit notes in Tamil Nadu, Telangana, and Karnataka over the past two months.Aside from Sathya, Govindan and Murugesan, the other accused helped set up the equipment and dispose of the notes in the market. Police do not yet have an exact count of the notes the gang manufactured or circulated before being caught, a senior officer said.
