Uttar Pradesh Police busted a fake currency racket in Bareilly that was smuggling fake currency notes from Nepal and Bangladesh, on Wednesday.
The arrest has been made by the Fatehganj Paschimi police station, which comes under Bareilly Police.
A total of three dealers have been arrested and fake notes amounting to Rs 3,59,500 were recovered.
A total of 719 fake 500-rupee notes were recovered from the spot, which amounted to Rs 3,59,500, informed the police.
The three arrested people have been identified as Shiva and Shoaib from Pilbhit and Pushpendra Singh from Aliganj.
The case has been registered against them in the Fatehganj Paschimi police station. The intelligence units have also started an investigation regarding the case. It comes a day after the anti-drug cell of Imphal East Police busted a fake currency racket at Urup Kangthak village and Keirao village area, on Thursday.
The officials said that two persons have been arrested in the matter. Drugs and bundles of fake currency were also recovered from the gang.
Earlier on August 8, Union Minister of State for Finance Pankaj Chaudhary informed Lok Sabha that the value of counterfeit notes detected in the banking system has reduced from Rs 43.47 crores in 2016-17 to Rs 8.26 crores in 2021-22 — a decline of around 80 per cent.
To counter the smuggling of fake notes, a joint task force is functioning between India and Bangladesh for building trust and cooperation for the exchange of information and analysis of smugglers of FICN.
A Memorandum of Understanding (MoU) was signed between India and Bangladesh to prevent and counter the smuggling and circulation of fake currency notes.
In addition, training programs are conducted for the police officials of Nepal and Bangladesh to sensitize them about smuggling or counterfeiting of Indian currency, the minister replied.
