A day after the arrest of a Karnataka native, Maibuba Yalagi (46), in connection with a fake currency case, investigators uncovered details of a suspicious deal involving counterfeit money procured through social media.
According to Superintendent of Police Vishwesh Karpe, Yalagi admitted that he paid rS1 lakh to a man from Madhya Pradesh in exchange for rS4 lakh worth of fake currency. The notes reportedly bore the label “Children Bank of India,” indicating their fraudulent nature.
Police revealed that the deal was arranged online, where the Madhya Pradesh-based individual promised to supply counterfeit notes. The consignment was later handed over to Yalagi in Calangute, along with instructions to deposit the fake currency into a bank cash deposit machine (CDM). He was allegedly told that the amount would be converted into genuine money after the deposit.
During questioning, Yalagi claimed he had taken a bank loan and intended to use the scheme to repay it. Authorities are currently verifying this statement.
The case came to light after a complaint was filed by Vikas Jarial, branch manager of HDFC Bank in Alto-Porvorim. Police Inspector Rahul Parab stated that the bank’s CDM system flagged suspicious activity when Yalagi attempted to deposit the counterfeit notes.
According to the complaint, on March 5, Yalagi deposited fake Rs500 notes worth rS3,500 into the CDM, using notes with identical serial numbers, while presenting them as genuine currency into his own account.
Further investigation revealed that Yalagi is a resident of Bijapur district in Karnataka. A Goa Police team was dispatched to Karnataka, where, with assistance from local authorities, he was apprehended and brought to Porvorim police station.
He was later produced before the Judicial Magistrate First Class (JMFC) court in Mapusa, which remanded him to four days of police custody.
Police officials confirmed that the investigation is ongoing, and efforts are being made to trace other individuals involved in the racket.
