Home / Crime and Justice / Fake Currency Racket Busted: Two Held for Rs 7 Lakh Fraud
Fake Currency Racket Busted: Two Held for Rs 7 Lakh Fraud
12 Mar
Summary
- Two men arrested in Uttar Pradesh for duping a businessman.
- Accused promised to turn plain paper into currency using chemicals.
- A total of Rs 7 lakh was defrauded from the complainant.
Two men, Prakash Kumar Gupta and Rajsingh Prasad, were arrested by the Bangur Nagar Police in Uttar Pradesh for allegedly duping a Mumbai-based businessman out of Rs 7 lakh. The suspects are accused of convincing the complainant that they could transform plain paper into currency using chemicals and powders.
The scam unfolded after the accused met the victim in Vasai in December 2025, under fake identities. They reportedly demonstrated their method by 'converting' a Rs 500 note into two, which the victim subsequently used. Believing in the fraudulent scheme, the victim agreed to pay them Rs 7 lakh.
On February 12, 2026, the accused visited the victim's Goregaon residence and applied chemicals to bundles of plain paper, handing them over in exchange for the money. Upon realizing he had been defrauded, the victim filed a complaint with the Bangur Nagar police, who then initiated a manhunt.
Gupta, from Bihar, and Prasad, from Uttar Pradesh, were eventually located in Gazipur, UP. With assistance from local police, they were apprehended and brought to Mumbai, where they were remanded to police custody until March 14, 2026.
