Chit fund loss drives man to fake currency printing, held

Chennai: A six-member gang that printed fake currency notes was arrested and fake notes of Rs 200 denomination to the tune of Rs 16 lakh were seized from them.

Based on a tip-off, inspector Kodiraj and team raided a house at Manali New Town on Monday night, and arrested six men in the house, identified as J Yuvaraj (37) and V Prabakaran (33) of Mannivakkam, J Imthiaz (24) of Old Washermenpet, G John Joseph (33) of Tiruvottiyur, A Rasul Khan (38) of Vyasarpadi and M Mubarak (46) of Red Hills. Three printers were also seized.

After he incurred a loss of Rs 35 lakh in chit fund business last year, Yuvaraj shifted from Washermenpet to Manali New Town to escape those he owed money. He wanted to settle the loans and approached Mubarak for help. Police said Mubarak took him Munna Basha, who in turn directed him to Rasul Khan.

Khan allegedly collected Rs 11.50 lakh from Yuvaraj and promised to deliver fake currencies for the value of Rs 60 lakh but did not fulfill his promise. Yuvaraj then decided to print the notes on his own as trained by Rasul Khan and bought papers and printers at Parry’s Corner. Police said he decided to print only Rs 200 notes as people would not suspect small denominations.

Police have arrested the gang except Munna Basha, who has gone into hiding. Officials said Basha had cheated many others in the same manner.