Fake currency racket busted in Srinagar

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Srinaga: Srinagar police arrested 12 members of a fake currency racket operating across the valley. Rs. 8,85,000/- fake currency has been recovered so far from them.

Giving details of SP East Srinagar Sh. Harmeet Singh stated that Police Station Ram Munshi Bagh received an information regarding a fake currency racket being operated in Srinagar City and one Arshad Ahmed Kaloo son of Ghulam Mohammad Kaloo a resident of Nehru Park, Srinagar is one of the key operators.

Acting on a tip off, Police Station Ram Munshi Bagh laid a Naka at Badyari Chowk. The Arshad Ahmed Kaloo was intercepted at the naka and fake currency worth Rs 3,500/- were recovered from him after his personal search.

Accordingly a case FIR No 29/2014 under section 489B, 489C RPC was registered in Police Station Ram Munshi Bagh.

During his questioning, it was revealed that he had also deposited some fake currency notes in Punjab National Bank Boulevard Branch. He also confessed to have deposited fake currency worth Rs. 60,000/- at Cash Deposit Machine (CDM) of SBI Residency Road Srinagar. A case FIR No: 20/2014 under section 489B/RPC stands already registered at Police Station Kothibagh in to the effect.

Further, it came to surface that the Masood Ul Haq son of Abdul Gani Peer who is a resident of Khawaja Bagh, Baramulla is the main kingpin of the racket.

On the disclosure of Arshad Kaloo, Masood was arrested. Masood used to operate the racket from various areas of Srinagar city and other towns of the valley.

Srinagar police has so far arrested 12 persons running the fake currency racket and also recovered Rs 8,25,000 fake currency from them.

Investigation of the case is going on. Further arrests are expected in the future.