Gang arrested for circulating counterfeit currencies in Ranipet

A gang of 5 individuals had been arrested by Ranipet City police on Wednesday for circulating counterfeit currencies of ₹500 denominations in Walajah, Arcot, Sholinghur and Arakkonam cities within the district.

Police mentioned that the arrested individuals had been recognized as Askar Basha, 49, Sardar, 48, Wasim, 42, Ibrahim, 38, and Siva, 42. They’re natives of Ambur city and had been childhood pals in Walajah.

Preliminary inquiry revealed that Okay. Muthuraman, 41, a transport operator, and his spouse M. Kosalai, 38, are residents of Walajah city in Ranipet. The couple pledged 5 sovereigns of gold jewelery in a nationalized financial institution and borrowed ₹2.23 lakh for medical bills a couple of months in the past.

Subsequently, Muthuraman requested a second-hand automobile vendor B. Ramu, 55, within the space to promote his lorry for a great worth to get again his pledged jewelery from the financial institution. Accordingly, police mentioned that Ramu received in touch with the gang to purchase the automobile. The gang paid a sum of ₹2.35 lakh to Muthuraman for the lorry.

Later, the couple went to the financial institution to get again their gold jewelry. Nevertheless, the financial institution supervisor, S. Rajarajan, discovered ₹10,000 as counterfeit notes of ₹500 denominations when the couple gave the required cash to the financial institution.

Primarily based on a grievance by financial institution officers, Ranipet police performed an inquiry with the couple, who mentioned that they received the money from the gang after they bought their lorry to them. Police rounded up the gang from their hideout in Walajah.

Police additionally seized bundles of counterfeit notes of ₹500, coloration printers and different tools from the hideout. A case was registered and the gang members had been lodged at Central Jail in Vellore. Additional investigation is below method.