The Special Cell unit of the Delhi Police learnt that the Fake Indian Currency Note (FICN) was being smuggled to Malda, West Bengal, through the porous Indo-Bangladesh border.
From Malda, it was being distributed to FICN racketeers in various parts of the country, including Delhi, the police said.
On September 29, it was learnt that a key member of the syndicate would come near Shantivan Chowk here to deliver a big consignment of fake currency notes to a buyer in Delhi.
He was about to leave when nobody turned up, but was overpowered and fake currency worth Rs 5.5 lakh was seized from him, the police said.
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Chaudhary, who was arrested from Betiah, Bihar, revealed that he used to procure the fake currency from one supplier from Malda, West Bengal.
The Malda-based supplier used to procure the fake notes from Bangladesh, said Sanjeev Kumar Yadav, Deputy Commissioner of Police (Special Cell).
During interrogation, Jahiruddin revealed that he has been involved in transportation and circulation of fake currency notes for 20 years.
He told the police that after demonetisation last year, the supply of FICN was halted, the DCP said.
Jahiruddin also revealed that he procured FICN from Chaudhary. He paid Rs 45 for Rs 100 in fake currency to Chaudhary and charged Rs 55 for Rs 100 in fake currency from his buyers.
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