In a major crackdown on counterfeit currency, the Halasuru Gate police have dismantled a sophisticated racket that duped unsuspecting victims using demonetized Rs2000 notes. The gang, which promised to “make money rain” through bogus rituals, operated an organized interstate network.
Acting on a complaint filed by the Reserve Bank of India (RBI), police arrested 10 suspects identified as Mohan K, Srinivas Murthy, Raju, Basavaraj, Munishamappa, Mallikarjun, Ramakrishna, Palli Muralidhar, Ramachandra, and Mubarak.
According to investigators, the group circulated tampered demonetized Rs2000 notes through various banks using intermediaries who were unaware of the fraud. The racket was exposed when the RBI detected around 70 fake Rs2000 notes at a local bank. The serial numbers on these notes matched altered versions of genuine notes already withdrawn from circulation.
During interrogation, one accused admitted to depositing the fake notes for a commission. Further investigation revealed that some members of the gang disguised themselves as ‘swamijis’ or godmen to exploit victims’ faith and greed. They claimed certain Rs2000 notes—especially from the 2018 HS series—had mystical properties that could multiply money during a ritual.
Victims were lured to secluded riverbanks or lakes, where the fake godmen conducted mock rituals. During the ceremony, victims were told to immerse the notes in water. When they surfaced, the fraudsters had vanished with the cash.
Police say Mubarak handled the technical side of tampering with serial numbers to make the fake notes appear genuine. The investigation is ongoing to uncover additional members and the extent of the racket’s network.
