The accused, identified as Saiful Islam, was allegedly circulating fake Rs 500 notes in different parts of the city. Police recovered 280 counterfeit notes, an iPhone and a pen drive from him. Investigators also found a mobile number linked to a foreign (+44) series during the search.
Police said the accused was produced before a court and remanded to seven days of police custody for further interrogation.
Arrest made near Saifia College Ground
According to KG Shukla, police received information on Wednesday that a man was attempting to circulate counterfeit currency near Saifia College Ground by offering fake notes at lower prices.
A police team reached the spot and detained the suspect after laying a trap.
During questioning, the accused told investigators that he had brought the fake currency from West Bengal through one of his associates.
Accused active in racket since 2024
Police said the accused admitted to being involved in the counterfeit currency trade since 2024. He had allegedly visited Bhopal twice earlier to circulate fake notes.
Investigators found that he had been living in Gulmohar Colony on rent since May 2025.
The accused allegedly told police that he purchased fake currency worth Rs 2 lakh for Rs 60,000. In the last 10 days alone, he is suspected to have circulated counterfeit notes worth nearly Rs 60,000 in the city.
Fake Rs 500 note exchanged for Rs 300
During interrogation, police learned that the accused allegedly exchanged counterfeit Rs 500 notes for Rs 300 in genuine currency.
Investigators said the accused claimed he joined the racket to earn quick money.
Interstate, cyber fraud links under probe
Police said the seized notes appeared to be printed on paper similar to that used in Pakistan and Nepal, prompting investigators to examine possible interstate and international links.
Officials are also probing suspected cyber fraud connections after preliminary investigation indicated that the accused may have provided fake bank accounts to cyber criminals.
Police said data recovered from the accused’s mobile phone suggested communication through foreign numbers. Investigators are now trying to identify other members linked to the network.