Bengaluru: Three held with fake Indian currency notes

Bengaluru: Police officials arrested three persons, who allegedly indulged in the circulation of fake Indian currency notes in Bengaluru.

The arrested accused have been identified as Picchamuthu (48), Nallakani (53) and Subrahmanyan (60) from Tamil Nadu.

 The accused used to print fake notes in Tamil Nadu and bring them to Bengaluru by bus. 

Accused Picchamuthu and Nallakani pretended to be financiers. Subrahmanyan used to meet with potential borrowers three to four times a week pretending to be an auditor. Those who wished to borrow money from them were taken to the Deputy Registrar’s office to sign a loan agreement.

The accused then collected the agreement fee of 1% in cash from the victim. They then ask the victim to sign an agreement letter claiming the loan has been sanctioned and that he has already received the amount.

However, even after several days, the victim does not receive the loan amount. When questioned, the accused show the agreement stating that he has already borrowed the money and also threaten to return the amount.

Moreover, they used to create fake notes with face values of Rs 2000 and Rs 500 and pass them off as genuine notes to borrowers.

Police officials have seized 6,203 fake notes amounting to Rs. 1,24,06,000 in the denomination of 2000 and 174 fake notes amounting to Rs 87,000 in the denomination of 500 from the accused.