Excelsior Correspondent
SRINAGAR, Mar 11: Police today arrested 12 members of a fake currency racket which was operating across the Kashmir and recovered Rs 8,85,000 fake currency from them.
SP East Srinagar, Harmeet Singh, said that Ram Munshi Bagh police received information regarding a fake currency racket being operated in the city and Arshad Ahmed Kaloo son of Ghulam Mohammad Kaloo of Nehru Park, Srinagar, is one of the key operators.
Acting on a tip off, Police laid a naka at Badyari Chowk and intercepted Kaloo with fake currency worth Rs 3,500 and FIR No 29/2014 under Section 489B, 489C RPC was registered in police station Ram Munshi Bagh.
“During his questioning, he revealed that he had also deposited some fake currency notes in Punjab National Bank Boulevard Branch. He also confessed to have deposited fake currency worth Rs. 60,000 at Cash Deposit Machine (CDM) of SBI Residency Road Srinagar. A case FIR No: 20/2014 under Section 489B/RPC stands already registered at police station Kothibagh in to the effect,” he said.
Singh said Kaloo also revealed that Masood Ul Haq son of Abdul Gani Peer of Khawaja Bagh, Baramulla is the main kingpin of the racket. Masood, who used to operate the racket from various areas of the city and other towns of the Valley, has been arrested.
The spokesman said investigation of the case is ongoing on and police expects more arrests.
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