Bengaluru police commissioner B Dayananda announced on Monday that the Central Crime Branch (CCB) has apprehended five individuals in connection with a counterfeit currency racket, seizing fake notes amounting to ₹30.92 crore.
According to Dayananda, the gang employed a novel strategy, targeting trusts with promises of accessing ₹1 crore from the Corporate Social Responsibility (CSR) funds of various companies. The trusts were lured with the assurance of receiving more significant returns if they provided an initial investment of ₹40 lakh.
“This is a new modus operandi, previously unseen, though we had received vague information about it. The fraudsters would approach trusts, convincing them that cash investments would yield substantial returns through Corporate Social Responsibility initiatives,” Dayananda explained to reporters.
He further revealed that the fraudsters would flaunt large sums of cash, purportedly up to ₹100 crore, to gain the trust of their victims. Once convinced, the trust members would provide the requested amount, only for the gang to abscond. Dayananda noted that numerous individuals had fallen victim to this scheme.
The arrests were made by the CCB’s Women Protection Wing, which had set up a trap to catch the perpetrators.
“We have arrested five individuals, one of whom was previously apprehended in a gambling case in Wilson Garden, Bengaluru. Another suspect was arrested in Mumbai on similar charges. These individuals have been linked to money laundering activities,” Dayananda added.
The seizure of counterfeit currency totalling ₹30.92 crore marks a significant breakthrough in dismantling this criminal network. The arrests serve as a warning against fraudulent schemes targeting unsuspecting individuals and organizations.