The Jayanagar police on Monday busted a currency market and arrested a three-member gang from Tamil Nadu for duping people by offering fake currency notes.
The accused, identified as Rajeswaran M., 43, Sheikh Mohammed, 40, and Miran Mohiuddin, 37, of Tirunelveli district, were nabbed in the act following a tip-off.
According to the police, on the afternoon of 13 October, the Jayanagar police were informed that some people from another state had entered the city to exchange counterfeit notes of ₹30,000 for ₹10,00,000 genuine notes.
The police then impounded the car in which the suspects were waiting for their customer to deliver the package.
They searched the car and found a trunk containing 31 notes of ₹500 denomination, while the rest were all pieces of paper cut to the size of the notes.
The probe revealed that the trio would spread the word that they had fake notes close to the originals. They would show genuine ₹500 notes to their customers, making them believe that they are fake. During the exchange, they layered the top of the suitcase with genuine ₹500 notes and filled the rest of the bag with pieces of white paper, police said while explaining the modus operandi. The accused would then act quickly to prevent the clients from checking the bag and escaping with the cash.
The accused have been booked under Section 318 (cheating) of the Bharatiya Nyaya Sanhita and further investigation is underway to find out the possible involvement of other members of the gang.
Published – 18 Oct 2025 20:14 IST
