Crackdown on counterfeit currency

Explaining their modus operandi, the police said one of the accused managed to take the photostat copies of the currency notes.
image for representation
image for representation

KOCHI: Many people would have come across counterfeit currencies, but would not have realised them to fake ones. Perhaps, this is the main reason why fake currency notes make their way into society.

In the wake of the recent seizure of counterfeit currency notes from two persons in the city, police have intensified activities to nab any supects involved in the distribution of fake notes.

On Tuesday, a joint operation by the anti-terrorist squad and Elamakkara police arrested Vipin Tomy, 25, of Elamakkara, and Suhail, 26, of Kaloor, from Edappally and Kalamassery, respectively, with fake currency.

The police seized 20 fake currencies —having a face value of Rs 500 each — from the accused during the arrest. Later, counterfeit currencies — of Rs 500, Rs 200, Rs 100 and Rs 50 denominations — with a total face value of Rs 42,350 was seized from their houses. The printer and other machinery used for printing the notes were also seized. “The accused are now in judicial custody and the investigation is under way,” said the police.

Explaining their modus operandi, the police said one of the accused managed to take the photostat copies of the currency notes. The other person then travelled to various places like Wayanad and Idukki and passed off the currency as real money at small shops. As there is no system to detect the fake currency notes in these shops, the accused got away with their actions. “If he could spend a fake Rs 200 note, he will get Rs 150 as remuneration. If the police had not nabbed them, they would have grown into a big racket,” said an officer.

Meanwhile, Kochi City Deputy Police Commissioner V U Kuriakose said the arrested were operating on their own. “Their projects were in the beginning stages. However, we have received intel about more such activities in the city. A special squad has been deployed for checking such illegal activities,” he said.

Last year, the Panangad police had arrested Anshad, 32, of Eravipuram, for allegedly using fake currency notes in financial transactions. A provisions store owner in Nettoor who identified the fake note set off an alert, and police caught him red-handed. Four fake Rs 500 notes, which were photostats of original currency notes, were recovered from him. The rural police had busted a big racket at Elanji near Koothattukulam as well. Eight persons were arrested in the case and an investigation is still under way.

Lack of awareness and mechanism to conduct tests is making it easy for violators to get away with counterfeiting.

Rajesh Ramakrishnan, a shop owner at GCDA complex Kochi, said small shop owners who do not have currency counting machines are vulnerable to such fraud practices. “Fake Rs 500, Rs 100 and 200 notes can be exchanged easily. Police and other authorities should ensure effective ways to ensure people identify them,” he added.

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