Kingpin of fake currency racket held: Police

A police officer said the accused has been identified as Shahjahan Sheikh (35), who hails from West Bengal.

By: Express News Service | New Delhi | Published: March 29, 2015 2:49 am

The Delhi Police on Saturday claimed to have arrested the kingpin of a fake currency gang, which was smuggling fake notes into India from Bangladesh.

A police officer said the accused has been identified as Shahjahan Sheikh (35), who hails from West Bengal.

“Sheikh was arrested after an operation carried out in a remote village in West Bengal’s Malda district, which is a stone’s throw away from the Indo-Bangladesh border,” the officer said.

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Police said Sheikh was handling a wide network of fake currency peddlers and used to circulate the fake currency even in Gujarat and Maharashtra.

“Sheikh told police that one of his friends, Mehdur Sheikh — who was already involved in circulation of fake currency — taught him the trade. Soon, he too developed contacts and spread his network,” a police officer said.

Police said, initially, Sheikh did not have major suppliers but soon developed links with one Hollan and his brother Mohammed Falen. Both were key suppliers of the fake currency.

“He started obtaining high quality fake currency at about 25 per cent of its face value in Bangladesh and sold it to chain retailers at 45 per cent of the face value. Sheikh and his associates were thus earning approximately Rs 20 per hundred rupee note,” the officer said.

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