
The Delhi Police has received complaints from several banks regarding the circulation of fake currency Indian notes (FICN) with a face value of over Rs 54 lakh between July and December of the previous year. The complaints were filed by the Reserve Bank of India and 15 other banks. The highest face value of fake notes, amounting to Rs 16.3 lakh, was received by a private bank, followed by another private bank that received Rs 15.7 lakh in fake notes. These counterfeit notes were primarily in the denomination of Rs 500.
Investigation and Suspected Source
The Delhi Police is currently investigating the source of these fake notes. They suspect that the accused may have placed counterfeit notes in the middle of genuine bills while depositing money, allowing them to go undetected. The police believe that the fake notes are smuggled into the country through neighboring countries with porous borders. The accused use various methods, including pasting bundles of fake notes onto their bodies, to traffic the counterfeit currency to other states.
Decrease in Printing of Rs 2,000 Notes
According to an officer, there has been a decrease in the printing of counterfeit notes of Rs 2,000 and an increase in Rs 500 notes. This is because Rs 500 notes are more commonly used in transactions. The officer also mentioned that these criminal gangs also print small-denomination notes, such as Rs 50, Rs 20, and Rs 10, for use in weekly markets.
Previous Arrests and International Connections
In the past, the Delhi Police’s Special Cell arrested a Bulgarian national who was a member of an international FICN cartel. The suspect was found in possession of fake Indian currency notes with a face value of Rs 8.9 lakh in the denomination of Rs 500.
Counterfeit Currency Circulation Trends
The circulation of fake currency notes continues to be a challenge in India. The Reserve Bank of India’s annual report for 2021-22 states that there has been an increase in the detection of counterfeit notes in various denominations, including Rs 500 and Rs 2,000. However, the number of counterfeit notes of Rs 50 and Rs 100 has declined.
Conclusion
The Delhi Police is actively investigating the circulation of fake currency Indian notes. They suspect that the counterfeit notes were placed among genuine bills during money deposits. The source of these fake notes is believed to be neighboring countries with porous borders. The police have also noted a decrease in the printing of counterfeit Rs 2,000 notes and an increase in Rs 500 notes. Previous arrests have revealed international connections to FICN cartels. The circulation of counterfeit currency continues to be a challenge in India, with varying trends in the detection of counterfeit notes across different denominations.