SRINAGAR : Jammu and Kashmir police claimed to have busted a fake currency racket and arrested 12 accused and recovered more than eight lakh fake currency notes. Giving details of Superintenent of Police (SP) East Srinagar Harmeet Singh said here today Ram Munshi Bagh police station received an information regarding a fake currency racket operating in the City and one Arshad Ahmed Kaloo is one of the key operators.
Acting on a tip-off, police laid a Naka at Badyari Chowk and intercepted Kaloo.
During his frisking, fake currency worth Rs 3,500 were recovered from him.
During his questioning, he confessed to have deposited some fake currency notes in Punjab National Bank (PNB) Boulevard branch. He also confessed to have deposited fake currency worth Rs 60,000 at Cash Deposit Machine (CDM) of SBI. Further, it came to surface that the Masood-Ul-Haq, resident of Khawaja Bagh, Baramulla is the main kingpin of the racket. On the disclosure of Kaloo, police arrested Masood who used to operate the racket from various areas of Srinagar city and other towns of the valley.
The local police has so far arrested 12 people running the fake currency racket and also recovered Rs 8,25,000 fake currency from them, the SP said.
(UNI)
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