Three held in Delhi for duping traders looking to buy fake currency

The accused initially gave the businessmen real currency notes and passed them off as counterfeit ones to be ‘tested in the market’. They then supplied them with fake notes.

The Delhi Police on Thursday said they had arrested three men who allegedly conned traders under the guise of providing counterfeit Indian currency that could easily be passed off as genuine.

Police have recovered a bulk of “churan label notes” from the three men — Zia-ul-Rehman (45), Mohammad Shahid (22), and Irfan Ali,19. (Picture for representation)

Explaining how the traders were duped, police said the three men initially promised traders that they would give them “real-looking” counterfeit currency notes at one-fifth the value.

Initially, the traders were given a few “fake” notes so they could test them in the market.

Police said that these notes were not counterfeit and so the traders never had any problems in using them. Believing the real notes to be high quality counterfeits, traders struck deals and bought more notes. After the traders paid the three men, the latter delivered bundles of ‘churan label notes’ that are easily available in the market.

Churan-label notes are blue papers in the shape of currency notes, popular among children, which are commonly given free with candies. Such notes have the words “Children’s Bank of India” printed on both sides.

Police said after receiving a tip-off received from an informer, the Sangam Vihar police station officials arrested the three men on Wednesday. Police have recovered a bulk of “churan label notes” from the three men — Zia-ul-Rehman (45), Mohammad Shahid (22), and Irfan Ali,19.

Deputy commissioner of police (South) Vijay Kumar said the three men convinced businessmen by claiming that they had links with an international fake currency syndicate.

“To win their confidence, the racketeers used to show them a genuine banknote as samples of their fake notes. They used to ask them to test the note at shops. The conmen lured people by offering exchange on a ratio of 1:5,” said a police officer. “Some people struck deals worth lakhs with these men,” said a senior officer.