Bhubaneswar, June 1: In a major breakthrough, the Bhubaneswar-Cuttack Commissionerate Police on Sunday arrested five fraudsters, including a woman, for allegedly running a fake currency exchange racket that promised to double people’s money.
The group is accused of defrauding victims of approximately ₹12.5 lakh by offering to exchange ₹100 notes — allegedly part of unaccounted "black money" — for ₹500 notes, promising double the return.
According to reports, the accused deceived their targets by handing over bundles that appeared to contain genuine currency. However, upon closer inspection, only the top and bottom notes were real, with the rest being blank paper slips cut to the size of currency notes.
The investigation began after the first complaint was filed in February this year. A coordinated probe involving Nayapalli and Bharatpur police, supported by the police headquarters, led to the unearthing of what is believed to be an organized network operating across the city.
Two separate FIRs were lodged — one at Nayapalli police station for a ₹6 lakh fraud, and another at Bharatpur police station where a victim lost ₹6.5 lakh.
“Based on technical surveillance, intelligence inputs, and local sources, we managed to arrest five accused from Angul, Ganjam, and Cuttack districts,” informed Bhubaneswar DCP Jagmohan Meena during a media briefing.
Police recovered ₹1 lakh in cash, eight mobile phones, 15 bundles of fake currency made from paper, and several bags used to carry the forged notes.
The arrested individuals were produced in court on Sunday. Meanwhile, further investigations are underway to identify more victims and determine whether the gang is part of a larger fraudulent network.
