Nayapalli police have arrested five people, including a woman, for running a fake currency exchange racket that defrauded unsuspecting victims of over Rs10.5 lakh by promising to double their money.
The arrested individuals have been identified as Siku alias Anil Kumar Mistry (37), Chandan alias Dilip Singh (48), Batakrushna Pradhan (55), Chitaranjan Das (40), and Mamata Samal (40). According to Deputy Commissioner of Police Jagmohan Meena, the gang claimed to provide Rs1,000 in Rs100 notes for every Rs500 note received from victims.
The scam primarily targeted middle-class individuals and small business owners. Operating near bus stands, railway stations, and public parks, the accused would befriend their targets, gaining their trust before initiating the fraudulent exchange.
The deception became clear when victims, advised not to count the cash in public to avoid drawing attention to so-called “black money,” discovered bundles of plain paper hidden among real Rs100 notes. One local shopkeeper shared that he handed over Rs7 lakh in Rs500 notes, only to find just Rs1 lakh in valid currency and plain paper in the rest of the bundles.
Complaints were filed in February at Nayapalli and Bharatpur police stations. Investigations revealed that the scam had been ongoing for over a year, with more victims expected to come forward. The accused have been booked under relevant sections of the Bharatiya Nyaya Sanhita (BNS) for cheating, forgery, and criminal conspiracy.
Police are expanding the investigation to determine if others are involved in this large-scale financial fraud.
