A man was arrested in Bengaluru for attempting to exchange fake ₹2000 notes at the RBI branch. Officials detected the counterfeit currency during verification. Police seized ₹7.5 lakh in fake notes and launched a probe into a possible racket.
In a striking case of attempted fraud, the Halasuru Gate police in Bengaluru have arrested a man for allegedly trying to exchange counterfeit ₹2000 notes for genuine currency at the Reserve Bank of India. The accused is said to have attempted to take advantage of the RBI’s note exchange facility, raising concerns about possible organised counterfeit operations.
Caught With ₹7.50 Lakh in Fake Notes
The accused, identified as SV Ramesh from Nagashettihalli, was caught with 375 counterfeit ₹2000 notes. He had visited the RBI branch on Nrupathunga Road to exchange the old currency. However, during verification, bank officials detected that the notes were fake and immediately alerted the authorities.
The total value of the seized counterfeit currency is estimated at ₹7.50 lakh. Police suspect that the incident may not be an isolated case and believe that a larger fake currency racket could be involved. A detailed investigation has been launched to trace the source of the notes and identify others linked to the operation.
Related Articles
Misuse of RBI Exchange Facility
For context, the Reserve Bank of India withdrew ₹2000 notes from circulation on May 19, 2023. However, a facility remains in place that allows individuals to deposit or exchange these notes at RBI branches within prescribed limits.
At present, individuals can exchange up to ₹20,000 worth of ₹2000 notes at a time. Police believe that the accused attempted to misuse this provision to pass off counterfeit notes as genuine currency. Authorities are continuing their probe to uncover the full extent of the fraud.
