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This is an archive article published on December 22, 2010

Two in ATS net with fake currency

The Maharashtra Anti-Terrorism Squad has arrested two persons for possessing and circulating counterfeit currency with a face value of Rs 10 lakh.

The Maharashtra Anti-Terrorism Squad (ATS) has arrested two persons for possessing and circulating counterfeit currency with a face value of Rs 10 lakh.

The duo—Nadeem Rangrez (35) and Arif Rangrez (35)—was arrested on December 20 while trying to exchange notes in the market near Pritam Hotel in Dadar. As many as 2,000 notes with a counterfeit value of Rs 500 and Rs 1,000 were seized from the accused.

Confirming their arrest,ATS chief Rakesh Maria said,“The currency notes come from Bangladesh and the duo were in the city for circulating them. Though they are not connected to the people arrested earlier,their style of functioning seems to be the same. They were trying to circulate the money among labourers through contractors. They were also trying to circulate them through petrol pumps.”

The accused hail from Aligarh,Uttar Pradesh,and had sourced the fake currencies from Malda in West Bengal. Investigators have now begun calling Malda the “fake currency capital”.

In an earlier interrogation of an accused,Mohammed Rafiqul Raeezuddin Islak (23),hailing from Malda,it was revealed that at every level of exchange of fake currency,the seller stands to get at least Rs 4 for every note.

An earlier arrest of fake currency couriers had revealed that they frequented fish markets during dawn as low light levels would help them circulate notes easily.

The initial analysis also reveals the quality of the notes is superior to all the notes seized till date and seem to have had “high level of corrections” on previous flaws. The notes have been sent to the forensic unit for further probe.

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