Rs 1.87 cr in fake currency seized in Hubballi
Man held for duping real estate investors
Hubballi: In a major crackdown on counterfeit currency circulation, the Hubballi-Dharwad Police have seized fake currency with face value of ₹1.87 crore and arrested a man who allegedly duped a Pune-based real estate businesswoman by promising her a low-interest loan.
Commissioner of Police N. Shashikumar, addressing a press conference on Monday, revealed that the accused, identified as Sudheer Mehta alias Mohammad Asif, was arrested in connection with a case registered at the Vidyanagar Police Station.
According to police, Asif had approached Ashwini Pedawad, a real estate entrepreneur in Pune, and her daughter Prithala, claiming he could arrange a Rs50 crore loan at a low interest rate for a construction project. He demanded Rs60 lakh as a “processing fee.” After receiving the genuine cash, Asif handed over fake currency amounting to Rs2 crore.
Shocking the victims, almost all the notes handed over turned out to be counterfeit Rs500 denomination notes. Only Rs5,000 among the seized currency was genuine. The fraudulent transaction came to light when the victims attempted to verify the currency.The accused had used a separate mobile number to contact Prithala and carried out the transaction discreetly. He reportedly assured them that the funds were legitimate and ready for disbursal, further convincing them to proceed with the deal.
During the investigation, police also seized a Ford EcoSport car used by the accused, and further inquiry revealed that the counterfeit notes were allegedly brought from Tamil Nadu. The suspect has a history of similar fraudulent activities and police believe he may be part of a larger counterfeit currency network.
Police Commissioner Shashikumar urged the public to come forward if they have fallen victim to similar schemes. “Anyone who has been duped by this individual or suspects similar fraud should immediately report to the nearest police station,” he said.Authorities have intensified their probe to identify other members of the racket and the source of the fake currency. A forensic examination of the notes is also underway to trace the printing methods and possible locations of origin.
