In a major haul, the local police seized fake notes in face value of Rs 2 lakh from an engineering student, who was later arrested.
The accused have been identified as Rajesh Kumar, a BTech (civil engineering) student and Ankit, who is also a student. The police have not disclosed more information about the latter.
Virender Rana, in charge of Crime Investigating Agency (CIA)-1 of the district police said that Rajesh Kumar was arrested from the city on Sunday, while his accomplice Ankit was still at large.
Rana said Rajesh Kumar disclosed that the cash worth Rs 2 lakh was kept at his house at Shanti Nagar locality. The police then recovered the cash, which comprised 50 notes of Rs 1,000 denomination and 300 notes of Rs 500 denomination.
Police said more names might crop up during investigation, as it is just the tip of the iceberg.
On April 5, both accused went to a local jeweller to buy one tola gold and handed over 30 notes of Rs 1,000 each.
When the jeweller raised an alarm that the notes were fake, they sped from the spot and the matter was brought to the notice of the police.
During preliminary investigation, Kumar reportedly told the police that he had secured a cash of Rs 4.30 lakh, comprising notes with the denomination of Rs 500 and Rs 1,000, from a person.
“We cannot disclose the details of those who mediated the illegal deal or handed over the fake currency consignment to the main accused, as it may hamper the investigation at this stage. But Kumar claimed to have spent Rs 2 lakh in paying his college fee, buying furniture, clothes and other household items,” said the CIA in charge.
The arrested accused has a financially unstable family. His father had died, while mother earns a meagre amount by working at various households. Kumar is the eldest of his siblings and has two sisters.
Police said the accused would be produced in court on Monday.