Three member interstate gang involved in circulating ‘fake currency notes’ was nabbed and fake currency notes worth `1,65,000 were recovered by the Nishatpura police on Friday.
While speaking with the media Deputy Inspector General of Police Shrinivas Varma said that acting on a tip off regarding fake currency circulation gang is active in Nishatpura area police teams were formed and on Friday a miscreant was nabbed from Karond square. The accused was identified as Swatantra Jain (28) and 200 fake currency notes of denomination 500, 3 ATM cards and `6,500 cash were recovered.
During investigation the accused informed about his two accomplices Rakesh Bamania(36) and Prashant Sharma(26). From Rakesh fake currency notes worth `40,000 and fake currency notes `25,000 were recovered from Prashant. The gang members have confirmed that they were active for the past 3 years and have circulated around fake currency of `8 lakh to `10 lakh.
Police is yet to find the source of the fake currency but it would be found during investigation and it is suspected that the fake currency was procured from Nepal, told the police.
Along with the fake currency notes, four mobile phone, 3 ATM cards, 1 pan card, voter ID card, driving license and Rs 7760 in cash were also recovered by the police from their possession.
The main accused Swatantra Jain hails from Tikamgarh and was arrested in the year 2010 for robbery and during his jail term he came into contact with Rakesh Bamania who was serving jail term for robbery case and introduced him of the lucrative business of fake currency notes.
Initially Jain used to spend the fake currency notes in buying small things but slowly he gained confidence and roped in other persons to gain more profit from the fake currency notes.