Fake ‘Children Bank of India’ notes deal struck online: Police

Panaji: A day after a Karnataka native, Maibuba Yalagi, 46, was arrested in connection with a fake currency scam, the investigation has revealed that he paid Rs 1 lakh in return for Rs 4 lakh of alleged fake currency on which ‘Children bank of India’ was printed. The entire deal was struck through social media.

Yalagi, revealed that he got in touch with a resident of Madhya Pradesh on social media who offered to provide him Rs 4 lakh in fake currency in return for Rs 1 lakh, SP Vishwesh Karpe said.

The MP resident delivered the consignment of fake currency to Yalagi at Calangute, and gave him instructions to deposit those fake notes in the bank through a cash deposit machine (CDM), and in return he would get genuine currency. During the interrogation, Yalagi said that he obtained a loan from a bank and he wanted to repay it. Porvorim police are verifying these claims.

Porvorim police registered an FIR based on a complaint by Vikas Jarial, branch manager, HDFC Bank, Alto-Porvorim. Porvorim PI Rahul Parab said that the machine alerted bank officials when Yalagi deposited the fake currency in the machine.

Parab said that the complaint stated that on March 5, in the morning, Yalagi deposited counterfeit currency notes of denomination Rs 500, totalling Rs 3,500, with common serial numbers into a CDM installed at HDFC Bank, Porvorim, by projecting them as genuine currency, into his own account.

During the course of the investigation, it was revealed that he is a resident of Bijapur district.

Accordingly, a team of Goa police was deputed to Karnataka for investigation.

“With the assistance of the local police, the team successfully apprehended Yalagi and brought him to Porvorim police station. He was subsequently produced before the JMFC court, Mapusa, which remanded him in four days of police custody,” said Parab.

Further investigation is in progress.