Police recovered fake currency notes with face value of Rs 1.40 lakh from them and a high quality colour printing machine used for printing the notes has also been seized.
These fake notes were circulated in the weekly markets of Delhi and Uttar Pradesh. The accused used to hide the fake notes in bundles of original notes so that they could be supplied easily.
It was learnt that fake currency in the denomination of Rs 100 is in circulation in Delhi. Teams were deployed to bust the syndicate operating in Delhi, said Praveer Ranjan, joint commissioner of police (crime).
A trap was laid near Wazirabad flyover, Ring Road.
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"Two persons were spotted in a Verna car travelling towards Kashmere Gate around 11 AM. After a short chase, the car was intercepted on the Wazirabad flyover," he said.
Police recovered Rs 90,000 in fake currency from their possession. Their third associate, Fazar was also arrested and Rs 50,000 was recovered from him.
Fazar allegedly used to print the fake notes with the help of the machine.
He used to procure the fine paper from Nehru Ground, Ballabhgarh (Haryana). Hakikat and Tehseen used to receive the fake currency from him and circulate it. Hakikat earned around Rs 15,000 on supply of Rs 1 lakh of fake notes.