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This is an archive article published on December 28, 2008

Ahmedabad trader arrested with counterfeit currency

A city-based businessman was arrested by the police with counterfeit Indian currency to the face value of Rs 42,000.

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A city-based businessman was arrested by the police with counterfeit Indian currency to the face value of Rs 42,000. Sachin Shah was arrested from the Maninagar branch of HDFC Bank on Friday, when he attempted to dupe the bank officials by passing on fake currency to pay back his debt, the police said.

According to the police, Shah had taken a loan for renovating his residence at Ankit Society in Ishanpur, from the Maninagar branch of HDFC Bank. On Friday afternoon, Shah came to the bank with a wad of currency notes of Rs 500-denomination.

While counting the money, Bank manager Jatin Shah became suspicious and had the notes scanned.

8220;Jatin found that 92 notes in the wad were fake,8221; said Maninagar Sub-Inspector B L Desai.

Based on a complaint filed by Jatin, the police arrested Shah. Sources said that Shah is now being interrogated on the source of the counterfeit currency.

8220;At this juncture, we cannot rule out the possibility of Shah being involved in a bigger racket,8221; Desai said.

In a similar case earlier this year, the Dariapur police busted a major fake currency racket, accused of injecting fake currency notes of Rs 1,000 and 500 denominations in Ahmedabad and other places in the state.

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The crackdown had followed after the owner of Vimal Bakery in Dariapur came across a customer, one Kirti Patel alias Chintu, who wanted to buy biscuits worth Rs 80 and had presented one Rs 1,000 note.

When this modestly dressed customer came back again a few days later and paid yet another Rs 1,000 note, the shopkeeper became suspicious and argued with the former about the authenticity of the note. Some policemen passing nearby happened to overhear this and intervened, and found that the note was a fake.

Kirit was arrested and told the police during his interrogation that he was a member of a gang, which specialised in printing fake notes.

8220;We later seized colour photocopy machines and printers from Sarkhej and arrested 14 people in connection with the case. Counterfeit currency to the face value of Rs 55,000 was seized. A large number of fake notes printed by the gang members were in circulation at several places,8221; said Dariapur police inspector J H Panchal.

 

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