Duo arrested for printing, circulating fake currency

Navi Mumbai: Navi Mumbai’s Financial Intelligence Unit (FIU) on Saturday arrested two, including a woman, for allegedly printing fake currency notes

Navi Mumbai: Navi Mumbai’s Financial Intelligence Unit (FIU) on Saturday arrested two, including a woman, for allegedly printing fake currency notes. As per the police, the duo, residents of Panvel, had booked a room in a lodge in Mahape to execute the crime.

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Acting on a tip-off, the FIU raided the hotel Sree Krishna palace on Friday around 10 am and nabbed the duo, Vivek Kumar Prem Babu Pipal, 35, and Ashwini Vishwanath Sarovode, 36. and recovered fake notes worth ₹81,000. “For nearly four months the duo was residing in the lodge which led to suspicion amongst neighbours,” said an officer involved in the investigation.

Preliminary investigation revealed that Pipal had earlier worked as a car dealer whereas Sarvode was looking after sales work at a private bank.

During the investigation, they called themselves brother and sister, but officials are still verifying the information. The duo was found in possession of counterfeit currency as well as instruments used to print the fake notes. “For over one year, the duo has been jobless yet managed to lead a very lavish lifestyle that included living in a lodge, ordering food from hotels and travelling in a four-wheeler. In the room, there were wads of fake currencies and there were stacks of bond paper used for printing the fake notes. We found printers, printing ink, measuring scale, and a cutter as well,” said a police officer

Additionally, the duo was also found in possession of 13 mobile phones. “At the outset, the scam seems to be done to keep up with the lavish lifestyle of the duo. Further investigation is underway to ascertain how much of the fake currency has been circulated by the two in the market,” said the officer.

A case has been registered with the Rabale MIDC police under sections 180 (possession of counterfeit notes) and 181 (possessing instruments for forging) of the Bhartiya Nyaya Sanhita.