Nandkumar Ghatge, assistant scientist at the Bhabha Atomic Research Centre (BARC), is in police custody, accused of forging currency notes.
On remand till Friday, Ghatge told investigators that he thought this was the only way to make money to buy application forms for doctorate courses abroad.
Son of a gardener, Ghatge allegedly spent many late hours in office at a scanner and colour photocopier to copy Rs 50 and Rs 100 notes. Ghatge told police that he had tested the viability of these notes by passing them on to rickshaw drivers.
His luck ran out on August 13 when he tried to repeat the forgery on an alert fruit vendor, this time with a Rs 500 note. The vendor and passers-by took him to the Chembur police station.