Acting on a tip-off, Upkar Luthra was arrested from a hotel in Kondli in Haryana on July 4. The police had seized counterfeit coins in denomination of Rs five worth Rs 8,500 from him, they said.
The accused was carrying a reward of Rs one lakh on his head by the Delhi Police.
Upkar was wanted in several criminal cases, including a case of alleged killing of his business partner.
In October last year, Delhi Police had arrested a 42-year -old man from Rohini in outer Delhi and seized fake coins of Rs 40,000 face value from him.
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A few days later, the Special Cell claimed to have busted an inter-state fake currency racket with the arrest of two persons with counterfeit coins of Rs 5 and Rs 10 denomination worth Rs 5.85 lakh during raids at their hideouts in Delhi, Rajasthan and Haryana.
After the arrest of his brother, Upkar went to Nepal and remained engaged in his illegal activities of counterfeiting coins.
The brothers learnt to make dyes of counterfeit coins from one Gulshan Gambhir, who died few years back. He arranged the metallic sheets from Mayapuri and Tilak Nagar.
From these sheets, the shape of coins were carved out at machines. After that, with the help of heating and hydraulic machines, the counterfeited coins were prepared, the police said.