Beed police arrest two from Pune who planned to circulate fake notes

Beed police detective branch arrested two suspects from Pune who were involved in a counterfeit currency scam in Beed. Police investigation revealed that the two accused had planned to circulate counterfeit currency notes in Pune via college admission fees. The accused identified as Pravin Gaikwad and Akash Jadhav were arrested in Ambegaon on Friday.  

₹4 lakh, Gaikwad would get ₹2 lakh. (HT PHOTO)” title=”As per the deal between him and Kshirsagar, for each lot of counterfeit currency notes worth ₹4 lakh, Gaikwad would get ₹2 lakh. (HT PHOTO)” /> ₹4 lakh, Gaikwad would get ₹2 lakh. (HT PHOTO)” title=”As per the deal between him and Kshirsagar, for each lot of counterfeit currency notes worth ₹4 lakh, Gaikwad would get ₹2 lakh. (HT PHOTO)” />

As per police, Manish Kshirsagar, the lynchpin of the counterfeit currency racket had supplied fake currency notes to Gaikwad to circulate them in Pune. Gaikwad works as an admission agent, who helps students get admission at various educational institutes in Pune. Police suspect Gaikwad was mixing fake notes while processing admission fees for the students. As per the deal between him and Kshirsagar, for each lot of counterfeit currency notes worth ₹4 lakh, Gaikwad would get ₹2 lakh.  

Shitalkuamr Ballal, police inspector Beed police said, “Accused Gaikwad works as an admission agent in Pune for the private colleges. He hatched a plan to circulate counterfeit currency notes in college fees. He received some token fake notes from the prime accused, but we arrested him before he could circulate them in the market.’’

Police said many hands are involved in the racket, and the search for the others is underway. During Gaikwad’s arrest, police seized fake notes worth ₹8,500 in denominations of ₹500, ₹200 and ₹100. 

According to Beed police, Khsirsagar is an on-record criminal and had circulated counterfeit currency in restaurants, petrol pumps and grocery shops in Beed. 

Elaborating his modus operandi, Ballal said, “Kshirsagar would give ₹500 fake notes to children and ask them to buy something from the grocery shop. Likewise, he exchanged fake currency with actual currency.’’ 

Prime accused Kshirsagar escaped before police raided his residence. The investigating team informed that Kshirsagar came in contact with a gang from West Bengal and started printing counterfeit currency notes in Beed with the reference of YouTube videos.