Fake currency racket busted in Belagavi: Goa-based gang arrested
Belagavi, : In a major crackdown, the Belagavi Market Police have unearthed a fake currency racket and arrested a gang attempting to circulate counterfeit notes in the city. Four accused, all hailing from Goa, have been taken into custody.
The arrested individuals have been identified as Mohammad Arbaz (21), Rupesh Wakode (26), Mohammad Hussain Bakhshi (23), and Shravan Kumar (25). Police have seized a car, counterfeit currency with a face value of ₹2.4 lakh, and four mobile phones from their possession. A case has been registered at the Belagavi Market Police Station.
Gang attempted circulation in busy market
According to police, the gang operated by offering ₹2 lakh in fake currency in exchange for ₹1 lakh in genuine notes, luring unsuspecting individuals with the promise of quick profit. The accused attempted to circulate counterfeit notes at a shop in Khadebazar area of Belagavi.
However, the shop owner grew suspicious of the transaction and promptly alerted the police. Acting swiftly, officers launched an operation and arrested the four accused. Police have also initiated a manhunt to nab three more suspects believed to be involved in the racket.
Kingpin operating from goa jail
Investigations have revealed that the mastermind behind the racket is currently lodged in a jail in Goa. He has been identified as Mohammad Sarfaraz, the elder brother of the prime accused Arbaz.
Police sources said Sarfaraz was orchestrating the operation from inside the jail using mobile phones. He allegedly instructed his associates to procure and distribute fake currency notes across regions. The accused were in constant contact with him and acted based on his directions.
Wider network under scanner
Further probe has indicated that the gang had earlier supplied counterfeit notes to individuals in Goa using the same modus operandi. Police suspect the involvement of a larger interstate network and are working to trace the source of the fake currency.
A special team has been formed to track down the unidentified supplier who provided the counterfeit notes. The case has now been handed over to the Belagavi CCB Police for deeper investigation.
Officials said the Police Commissioner has taken the matter seriously, given the potential threat posed by counterfeit currency to the economy. Efforts are underway to arrest the remaining accused and dismantle the entire network behind the illegal operation.
