Mumbai: Inter-state fake currency scam gang busted

An Interstate gang operating out of Bhuj in Gujarat has been busted for running a sophisticated ldquomoneydoublingrdquo scam across Mumbai where victims were lured into handing over real cash and were instead given bundles of fake currency disguised with real notes popularly referred to as ldquoBachchon ka Bankrdquo notesPolice have so far registered three separate cases at Kalachowki Sion and Matunga police stations all with a strikingly similar modus operandi While an arrest has been made in the Kalachowki case investigations are ongoing in the other two cases with no arrests made so far in the Matunga case police saidThe lsquopublic place trust traprsquoAccording to police the gang deliberately avoids online transactions and cyber trails insisting on facetoface cash handovers at busy public spaces such as railway station areas petrol pumps and hotels to build trust in victims and create a sense of safetyVictims were promised that their money would be ldquodoubledrdquo or increased manifold within minutes To make the deception believable the accused would hand over thick bundles of currency with genuine Rs 500 notes placed only on the top and bottom and the middle filled with clearly fake notes resembling childrenrsquos play bank currency ldquoThe speed of the exchange and psychological pressure is the real weapon Before the victim realises the accused vanishrdquo a police officer saidArrest in Kalachowki caseIn the Kalachowki case police laid a trap near Cotton GreenReay Road area on June 28 and arrested Ankit Dinanath Parasar 28 who is believed to be a key carrier for the gang He was found in possession of five bundles of counterfeit Rs 500 notes with a total face value of fake currency of Rs 25 lakh and a mobile phone allegedly used to coordinate the operationPolice seized 5000 counterfeit Rs 500 notes with only 10 genuine notes used as cover to mislead the victim During interrogation the accused allegedly named his associates as Kabir Nawab and Ranjit BeraVictims lost at least Rs 55 lakhPolice said the total confirmed loss to victims across the three cases stands at Rs 55 lakh so far In the Sion case a Punebased woman was cheated of Rs 5 lakh after being promised a higher return In the Matunga case a male victim lost Rs 50000 in a similar exchange scam Based on these cases The police estimate that over 6100 fake Rs 500 notes were circulated as part of the racketBhuj link under scannerPolice based on the ongoing investigation believe the gang is operating from Bhuj Gujarat with Mumbai being used as the primary execution location Police are now analysing call records and financial trails to identify the full networkAnother accused Sanjay Chawariya has been named in the Matunga case where the investigation is still in progress Along with Chawariya there are two more accused involved including a woman but they are yet to be arrested Chawariya meanwhile has been sent notice to cooperate with the investigation he is allegedly from Delhi but based in MumbaildquoIn this type of fraud citizens are made to believe that they will get an instant loan but they should be vary about the fact that there is no interest rate no documentation or anything except for verbal promises Nobody will provide such money except for fraudstersrdquo said Rajendra Pawar senior police inspector of Matunga police stationModus Operandigtgt Gang allegedly based in Bhuj Gujaratgtgt Victims lured with moneydoubling promisesgtgt Meetings fixed at public places in Mumbaigtgt Bundles had real Rs 500 notes on top and bottom fake ldquoBachchon Ka Bankrdquo notes insidegtgt Quick handover pressure tactics usedgtgt Cases registered at Kalachowki Sion and MatungaDogtgt Verify loan sources before transferring moneygtgt Insist on official documents and receiptsgtgt Use banktobank transfers not cashgtgt Report suspicious offers to the police immediatelyDonrsquotgtgt Donrsquot trust ldquodouble your moneyrdquo schemesgtgt Donrsquot carry large cash to unknown meetingsgtgt Donrsquot agree to deals made only on WhatsAppphone callsgtgt Donrsquot accept bundles without full verification