Mumbai Police bust fake currency racket, nab two Telangana natives

In a major crackdown on counterfeit currency, the Malwani police in Mumbai arrested two suspects who are natives of Telangana on Thursday night for allegedly possessing fake Indian currency worth Rs 8.7 lakh, an official said on Friday.

The fake currency was seized by a team of police officials from Marve area in Malad West, he said.

He added that the currency was seized near Sai Baba Mandir in Marve.

Acting on a tip-off, PSI Dr Deepak Hinde led a raid and intercepted a Baleno car, recovering 1,740 counterfeit notes of Rs 500 denomination from the duo.

The arrested accused have been identified as Sampat Ayangpalli (46) and Raheem Pasha Shaikh (30), both residents of Telangana.

According to police sources, the suspects had travelled to Mumbai with the intention of exchanging the counterfeit notes for genuine currency at a 1:3 ratio (three fake notes in exchange for one genuine note) through a potential buyer, an official said.

Along with the fake currency, the police also seized a laptop, printer, and a car used in the operation.

A case has been registered under relevant sections of the BNS, and further investigation is underway to uncover the full extent of the racket, the official said.

This article first appeared on Mid Day