In total, fake notes worth ₹2,000 worth ₹18,000 were seized in the case. | Photo credit: SPECIAL ARRANGEMENT
Acting on a complaint from the Reserve Bank of India (RBI) about fake currency notes, the Halasuru Gate police have arrested ten people for their alleged involvement in the manipulation and sale of demonetised ₹2,000 notes.
According to the police, an RBI manager filed a complaint on October 17, alleging that the ₹2,000 notes — already withdrawn from circulation — were tampered with by changing their serial number before being deposited in the bank.
Following a complaint, the police identified the depositor and arrested him from his residence in Cubbonpet on October 24.
During interrogation, the accused allegedly revealed that he had deposited the altered currency worth ₹40,000 on behalf of two acquaintances who had promised him a commission. Acting on his information, the police arrested the two associates later that day near Mysore Bank Circle.
Further investigation revealed that the trio received ₹8,000 of ₹2,000 from three other persons who convinced people to surrender the thus withdrawn notes on the pretext of performing a “special ritual” that would “multiply their money a hundredfold”. The three men, arrested near the Majestic Bus Stand on October 25, have reportedly confessed to running the fraud scheme.
Acting on their information, the police arrested three more suspects from Andhra Pradesh on 28 October and seized ₹6 lakh in ₹2,000 notes. The accused also disclosed the identity of their accomplice who altered the serial numbers and printed the details on the notes. He was traced to Yeshwantpur, where police seized ₹6,000 in fake notes worth ₹2,000 and equipment used for currency exchange.
In total, fake notes worth ₹2,000 worth ₹18,000 were seized in the case. All ten accused were brought before the court on November 3 and taken into judicial custody. One accused woman is absconding and efforts are being made to trace her.
Explaining the gang’s modus operandi, CCB officials said it was a bizarre scam involving three men among the accused posing as ‘swamis’ and duping gullible people into believing they could bring ‘money rain’ through a special ritual using ₹2,000 denomination notes.
The accused — identified as Basavaraj alias Satyananda Swami, Mallikarjun and Mohan alias Muniswamy — took turns dressing up as holy men to convince people that performing the ritual with a specific series of ₹2,000 notes would multiply their money several times over.
The trio told their victims that if they offered 100 notes (HS series 2018) of face value of ₹2,000, it would lead to a miraculous “rain of money”. Claiming to have access to such notes, the fake Swamis would charge customers high sums – sometimes taking ₹2,000 and returning only ₹20,000 to ₹40,000 in so-called “ritual” notes.
Police said the accused used an accomplice identified as Mubarak and used to deface original ₹2,000 notes by changing the printed year and serial number. These redacted notes were then sent through agents to unsuspecting victims.
Swamis performed fake rituals near lakes or ponds and insisted that the ‘pooja’ must be performed alone, without the presence of family members.
During the ritual, they told the victims to immerse themselves in the water and pray for “rain of money”. While the victims were immersed, the fake swamis ran away with the money.
The gang operated in Bengaluru, Yadgir, Haveri, Andhra Pradesh and Tamil Nadu, police said. So far, cops have seized ₹2,000 notes worth ₹18,000 and the equipment used to manipulate them.
The police were checking whether the seized banknotes were genuine or altered.
Published – 04 Nov 2025 21:31 IST
