Two men, including an inter-state accused, were arrested for allegedly printing and circulating fake Rs 500 currency notes, police said on Tuesday.
The accused have been identified as Arvind (47), a native of Mysuru, and Venkata Subramanian (around 60), a resident of Chennai, they said.
Police claimed to have seized 338 counterfeit Rs 500 currency notes, a photocopy machine, a laptop, a car, mobile phones and other incriminating materials, with the total value of the seizure estimated at Rs 3.29 lakh, police said.
On July 3, the Kumbalagodu Police received a tip-off that a tenant residing in a BDA apartment within the police station limits was circulating counterfeit currency notes, police said.
According to police, acting on specific intelligence provided by the informant, they detained a suspect near Kenchanapura Cross. During interrogation, the accused allegedly confessed to printing counterfeit currency notes and selling them to an associate based in Chennai.
On July 4, the accused was produced before the jurisdictional court, which granted 10 days of police custody for further investigation.
“During sustained interrogation, the accused reportedly disclosed that he had been printing and selling counterfeit currency with the intention of making easy money,” a senior police officer said.
Subsequently, police apprehended his associate from Maruthi Nagar in Chennai, Tamil Nadu, on July 7 and remanded him to judicial custody.
