A five-member interstate gang, accused of circulating paper bundles wrapped with currency notes, was nabbed by Sankeshwar police in Hukkeri taluk on Friday.
The accused had come near Kamatnur Cross in Hukkeri with 12 bundles of notes which had Rs 500 notes on top and bottom. They were luring their prospective buyers of giving Rs 3 lakh fake currency for Rs 1 lakh genuine.
Police on getting a tip-off laid a trap and nabbed them. Two vehicles, fake note bundles of Rs 23.88 lakh and five cell phones were recovered.
Sankeshwar police are investigating.
The accused are Amar Ambedkar, Ashok Teli from Chikkodi, Dhairyasheel Patil, Babaso Patil from Kolhapur and Rajeev Mohite from Nippani.
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