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Fake notes: Cops clueless about source

Though fake currency notes are being used to raise funds for terror activities in the country, the Pune crime branch have failed to trace the main source despite making few inroads in the case.

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Though fake currency notes are being used to raise funds for terror activities in the country, the Pune crime branch have failed to trace the main source despite making few inroads in the case.

The crime branch sleuths claim that they have established a link in West Bengal where fake currency notes are pumped through Bangladesh.

Moreover, the investigators said that good quality fake currency notes are mostly printed by neighbouring countries and smuggled into the country. Sources said that the counterfeit currency notes, which were difficult to identify without a machine and has flooded the city has been affecting local traders and shopkeepers, while the banks are the worst hit.

Arrests

The state anti-terrorism squad (ATS) had arrested an alleged operative of the Indian Mujahideen (IM), two years ago, and recovered fake currency notes from his possession which were being used to raise funds for terror activities.

Last year, the Wanavdi police had arrested one Vasant Jagannath Jagtap (45) and seized 482 fake currency notes from his possession. Jagtap’s interrogation revealed the fake notes were procured from a man who had brought them from Bangladesh. Later, the case was transferred to the crime branch. The crime branch sleuths claimed that they had received vital information and sent a team to Kolkata but were not able to trace the main source.

According to the police records, over 30 people were arrested from West Bengal for
running the racket in India. The other arrested suspects are from Jharkhand, Bihar, Rajasthan, Pune and Mumbai.

Recovery

The police have so far recovered over 600 notes of Rs500 denomination from the suspects in the city. Deputy commissioner of police (cyber and economic offences wing), Sanjay Shinde, said, “We have circulated instructions given by the Reserve Bank of India (RBI) at different police stations in order to raise awareness among people.”

Modus operandi
The racketeers usually stay in lodges and keep changing their location on a daily basis.

They mostly operate in market places or with shopkeepers located away from their lodge.

They usually use Rs500 or Rs1,000 denomination notes to purchase low-priced items as the balance amount is returned in original currency.

A senior police inspector with the Pune crime branch said, “Most of the racketeers use hawala, illegal gambling and matka dens to circulate fake notes as they are not deposited in banks.”

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