Bangalore: Govindapura Police on Tuesday arrested a gang that was making photocopies of banned notes of Rs 500 and Rs 1000 and exchanging them with valid ones. Seven people were arrested and fake currency notes including the counterfeits worth Rs six crore were confiscated from them. They used to make photocopies of the banned notes and cheat people.
The police have also confiscated original banned currency notes worth Rs 75 lac. The gang tried to convert Rs 35 lac worth of banned notes into valid ones. Acting on a tipoff, police rounded them up.
Interrogation revealed more banned notes lying in Kerala. Based on the information from the accused police raided a warehouse in Kasaragod and found Rs six crore worth of currency notes there. In addition, police also took into custody 16 bags of paper.
As per the modus operandi of the gang, they used to take new currency notes in exchange for old currency notes at a lesser amount. They used to approach people who were interested in giving new currency notes for old ones. In addition, they used to keep photocopies of old banned notes and cheated the buyers.
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