Following the arrest of Anrool Sheik (27) of Malda in West Bengal and Babu alias Dubai Babu (50) of Vellur in Tamil Nadu, near KR Puram railway station on Thursday night, police recovered 400 fake currency notes of Rs 1,000 denomination and 2,400 notes of Rs 500 denomination.
Police said the two men were into the money doubling racket for the last two to three years.
“The notes are being printed in Pakistan and smuggled to Bangladesh from where Arnool used to procure and circulate the same with the help of their well organised syndicate. Babu used to collect the notes from Arnool and circulate them in Bangalore,” Police Commissioner Shankar Bidari told the media on Friday.
“We had information about the duo coming to Bangalore and managed to arrest them along with the counterfeit notes. They used to charge Rs 40,000 genuine notes for every Rs 1 lakh fake notes,” he said. Police are trying to identify persons in Bangalore who used to buy those notes from Arnool and Babu.
“We are also clueless about their methods of manufacturing those notes in Pakistan. This is a big racket and we will write to the State Government to refer this particular case to CBI,” Bidari said.
Earlier, Arnool was arrested in the City but managed to walk free as police could not find any fake notes on him, the Police Commissioner said.
The seized currency notes resemble genuine ones very much, barring the customised embossed printing (the printing which can be known by touching the note). During a month-long investigation, police have also identified certain persons residing on the Indo-Bangla border villages involved in this racket.