Now Reading: Chhattisgarh Police bust interstate currency doubling scam, arrest 9
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Chhattisgarh Police bust interstate currency doubling scam, arrest 9
Chhattisgarh Police have arrested seven men in Pune and two women in Nagpur for allegedly running a money-doubling racket that cheated over 100 people across six states since 2005. The gang was…
Chhattisgarh Police have arrested seven men in Pune and two women in Nagpur for allegedly running a money-doubling racket that cheated over 100 people across six states since 2005. The gang was caught during a raid at a resort in Khandala, Pune district, where they were trying to dupe a Varanasi resident who had brought crores of rupees. Police seized over Rs 4 crore in cash, 17 mobile phones, and materials like black paper cut to look like currency notes.
The accused would stage demonstrations with genuine currency and chemicals to convince victims that blackened or damaged notes could be turned into new money. After gaining trust, they collected money in instalments for supposed imports, tests, and clearances. The syndicate targeted victims in Chhattisgarh, Maharashtra, Uttar Pradesh, Gujarat, Rajasthan, and Delhi. A case under sections 318(4) and 61(2) of the Bharatiya Nyaya Sanhita has been registered in Raipur.
Police identified the alleged ringleaders as Gyan Prakash Srivastava, Praveen Kumar Srivastava, and Manoj Kumar Srivastava. Nine people have been arrested so far, and authorities are tracing remaining gang members. The accused were brought to Raipur on transit remand after being tracked through digital evidence from the earlier Nagpur arrests.
Indian Opinion Analysis
This 'currency doubling' scam, often called the 'black money' con, has been a classic confidence trick in India for decades. Victims are shown genuine notes treated with chemicals to appear blackened, then swapped for cut paper after the demonstration. The real risk here is not just the crores lost but the fact that victims rarely report such scams due to embarrassment. The arrest of nine people and seizure of over Rs 4 crore suggests a well-organised syndicate operating across state lines for at least 19 years. With police still tracking more members, the next step will be verifying how many victims came forward and whether the arrested men will get bail in the coming weeks.
Source: indiatoday.in
This story was synthesised by AI from the source linked above.
