B.S. Ramesh for The Hindu

BANGALORE, Mar 4: Is Bangalore emerging as a major centre for counterfeit currency? The answer is yes, if the number of seizures by the Department of Revenue Intelligence (DRI) is any indication. The pattern indicates a well-knit group that is dumping counterfeit currency notes in the market.

An examination by the Reserve Bank of India (RBI) and others of the seized currency revealed a high degree of sophistication by this group in transporting the consignments that are of such good quality it is difficult to detect them.

The DRI had seized the notes from Ashok Montherio, a resident of Rajajinagar, when he was taking delivery of a parcel from a van belonging to a private transport company. The face value of the notes was estimated at Rs. 7,00,300.

This is the second major seizure of counterfeit currency in Bangalore. The Customs authorities had sometime ago seized counterfeit notes with a total face value of Rs. 24.79 lakh from Mohammad Haneef when he landed at the Bangalore Airport from Dubai. DRI probe revealed that Ashok was supposed to take delivery of the counterfeit currency at the airport but fled after Haneef was arrested.

The DRI suspects that counterfeit currency was used to procure narcotics, arms and ammunition by elements operating from both within and outside the country.

Enforcement agencies fear that if the racket is not nipped in the bud, Bangalore could emerge as a major conduit. Both Mohammad Haneef and Ashok had received the counterfeit currency from Dubai. Officials were shocked to learn that Ashok had received counterfeit currencies on 24 occasions in nine months, all from Dubai. These fakes were disposed of in Mangalore and Bangalore.