Mumbai: Fake currency notes of Rs 80 lakh face value seized, farmer held

The Mumbai Police have arrested a 31-year-old farmer and seized from him 16,000 fake currency notes of Rs 500 denomination with the face value of Rs 80 lakh in suburban Powai, an official said on Wednesday.

The seizure was made by the crime branch on Monday, he said.

"The crime branch got a tip-off that a gang was active in circulating fake notes. A trap was laid and the accused was nabbed. Police seized 160 bundles of Rs 500 fake currency notes from him," the official said. During the probe, it was found that the accused farmer wanted to become rich in a short time and hence he was indulging in this. It is being ascertained how many fake notes he circulated in the market. The accused was arrested under relevant sections of Indian Penal Code (IPC), including forgery and planning. He was produced in a court, which remanded him in police custody till January 4. More persons are likely to be arrested and further investigation is underway, the official added.