CCB intercepts counterfeit currency worth Rs 30.92 crore

Modus operandi of the gang involved targeting trusts

Apprehend five individuals connected to the operation

The Bengaluru Police Commissioner, B. Dayananda, announced on Monday that the Central Crime Branch (CCB) intercepted counterfeit currency amounting to Rs 30.92 crore and apprehended five individuals connected to the operation.

The modus operandi of the gang involved targeting trusts with promises of securing Rs one crore from Corporate Social Responsibility (CSR) funds, requiring an initial investment of Rs 40 lakh.

Also read: Bengaluru: CCB conducts raids in several hookah bars; Hookah flavours worth Rs 12.5 lakh seized

Describing it as a novel form of deception, Dayananda highlighted how the fraudsters approached trusts, showcasing cash reserves purportedly totaling Rs 100 crore. Once the trust members were convinced and paid the stipulated amount, the perpetrators would abscond. The extent of their fraudulent activities revealed numerous victims falling prey to this scheme.

Dayananda credited the CCB’s Women Protection Wing for ensnaring the culprits. The seized counterfeit notes amounted to Rs 30.92 crore. Among the five arrested individuals, one had previous involvement in a gambling case in Wilson Garden, Bengaluru, while another had been apprehended in Mumbai for a similar offense, indicating a history of money laundering activities.