Fake currency racket busted - The New Indian Express

Fake currency racket busted

Published: 22nd December 2012 08:46 AM

Last Updated: 22nd December 2012 08:47 AM

Police personnel attached to Ambur sub-division busted an inter-state fake currency racket and arrested a five-member gang, including a couple and a teenager, on Thursday night.

Police seized counterfeit notes in denominations of Rs 1,000 (230 notes), Rs 500 (369 notes) and Rs 100 (1,000 notes), worth Rs 4.14 lakh. They also confiscated a colour photocopy machine.

A search has also been launched for a 65-year-old man, Harikrishnan of Serpadi, who was the conduit of counterfeit currencies from the neighbouring State of Karnataka.

DSP of Ambur E Vijaya Kumar’s special crime team led by special sub-inspector of police Umapathy nabbed Vinayagam on Thursday night at Madhanur bus stand. “The police team had been shadowing Vinayagam, a habitual offender, for almost a week, following a tip-off that he was luring people by promising Rs 3 lakh cash for Rs 1 lakh. He had also started circulating fake currencies of the denomination of Rs 1,000, Rs 500 and Rs 100 among the villagers,” said a police officer.

The special team caught Vinayagam red-handed with fake currency worth Rs 1 lakh when he tried to circulate the same at Madhanur around 7.15 pm on Thursday, he said.

During interrogation, police learnt that he was previously arrested by Paradharami police in  2010 with Rs 11.5 lakh of counterfeit currency notes. He was out on bail in the case. Further, he divulged the names of his associates and police arrested R Settu (39) of Virunjipuram, S Loganathan (45) of Serpadi, his wife Padmavathy (38) and a 17-year-old school dropout from Kalluttai village.

Police registered a case against them under various sections of IPC on charges of possessing counterfeit currency, circulating it and possessing instruments for making counterfeit currencies. They were apprehended after being produced before the Judicial Magistrate Court, in Ambur, on Friday.

Inquiry revealed that Padmavathy’s father Harikrishnan used to transport the notes from Karnataka. They had lured 17-year-old Vignesh (name changed) into the racket.

After getting Rs 1.5 lakh from Vignesh, they had given him a machine to photocopy fake currencies. Based on information, police seized fake currency worth Rs 2 lakh from Settu, Rs 1 lakh from Padvamathy, and Rs 1.14 lakh from her husband.

Police launched an inquiry into the case to find out the origin, marketing area, associates of the gang and the counterfeit currency making units.

“We are investigating from various angles to track down the entire gang and find out the main ones behind the fake currency racket,” said DSP Vijaya Kumar.

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