Daijiworld Media Network – Bengaluru

Bengaluru, Apr 16: A 52-year-old man was arrested after he allegedly attempted to exchange counterfeit Rs 2,000 currency notes valued at Rs 7.5 lac at the Reserve Bank of India (RBI) office in the city.

The accused, identified as S V Ramesh, a resident of Nagashettihalli, reportedly visited the RBI office on Nrupathunga Road on April 9. He was carrying 377 notes of Rs 2,000 denomination and requested that the amount be credited to his bank account.

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During the verification process, RBI officials grew suspicious of the currency. Upon closer examination, the notes were confirmed to be counterfeit. Following this, Bhim Chaudhary, assistant general manager of the RBI, lodged a formal complaint. The Halasuru Gate police subsequently registered a case and took the accused into custody.

Preliminary investigations suggest the possibility of a wider counterfeit currency network. The police are currently probing how Ramesh came into possession of such a large quantity of fake notes and are working to trace the source of the printing and circulation.

While Rs 2,000 notes were withdrawn from circulation in 2023, the RBI continues to permit their exchange or deposit at designated regional offices. However, the attempt to convert such a large volume of high-value notes at once immediately flagged the transaction for scrutiny.

Further investigation is underway to determine if a larger racket is operating within the city.