Fake currency racket busted in Gujarat

May 2nd, 2008 - 3:18 pm ICT by admin  

Ahmedabad, May 2 (IANS) Five men from Uttar Pardesh were arrested here for circulating counterfeit currency and 384 fake notes of Rs.100 denomination were seized from them, police said Friday. Ishtiyaq Ahmed Ansari, Akram Ansari, Ishtiyaq Salmani, Nasir Ansari and Fahim Ansari were arrested Thursday following a tip off. Besides fake notes, five ATM cards, three motorcycles and four mobile telephones were also seized from them.

The men, who were part of a large gang, were working at a bakery here. They had brought counterfeit currency from Uttar Pradesh and deposited it in three private banks, the police said.

Police believe that the gang could have circulated fake currency worth about Rs.30,000 in Ahmedabad through private banks. Their modus operandi was to deposit huge amounts of fake currency in various banks and then withdraw genuine currency from ATMs.

Two months ago, Delhi Police had nabbed Farhan Abdul Aziz and Iqbal Bandu Ahmed, believed to be accomplices of the men arrested here. Currency worth Rs.117,000 was seized from the duo.

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