Cottonpet police busted an inter-State fake currency racket and arrested three persons red-handed with 1,307 fake currency notes of ₹500 denomination adding up to ₹6.5 lakh.
The prime accused Saravanan, 34, hails from Karur in Tamil Nadu. His associates Devan Rajendran, 20, and Nitin Shivan, 19, are from Thiruvananthapuram, Kerala. They were caught red-handed with the notes near the skywalk at city railway station on July 28 by a police team led by Balaraj G.
Investigations revealed that Saravanan used to source the fake currency from his contact in Bihar. The accused would communicate with each other using Instagram accounts.
The accused told the police that he would pay ₹25,000 for fake currency with face value of ₹1 lakh, which he would circulate through his contacts in crowded places . Till he was caught, Saravanan had purchased fake currency notes adding up to ₹10 lakh and circulated somewhere between ₹3lakh and ₹4 lakh in Kerala, Andhra Pradesh and Karnataka, B. Dayananda, Bengaluru Police Commissioner, said.
The accused have been booked for circulation of fake currency and taken into custody.
