Bengaluru
Following a complaint from Reserve Bank of India (RBI) about fake currency notes, the Halasuru Gate Police busted a racket and arrested ten people for their alleged involvement in tampering with and selling ₹2,000 denomination notes withdrawn from circulation.
According to the police, the RBI’s Manager filed a complaint on October 17, stating that ₹2,000 notes — already withdrawn from circulation — had been tampered with by changing their serial numbers before being deposited at the bank.
Following the complaint, the police identified the depositor and arrested him from his residence in Cubbonpet on October 24.
During interrogation, the accused allegedly revealed that he had deposited ₹40,000 worth of altered currency on behalf of two acquaintances, who promised him a commission. Based on his information, the police arrested both associates later near Mysore Bank Circle the same day.
Further investigation revealed that the trio had received ₹8 lakh in ₹2,000 notes from three other individuals, who had convinced people to hand over such withdrawn notes under the pretext of performing a ‘special ritual’ that would ‘multiply’ their money hundredfold. The three men, arrested near Majestic Bus Stand on October 25, reportedly confessed to running the fraudulent scheme.
Based on their information, the police apprehended three more suspects from Andhra Pradesh on October 28 and seized ₹6 lakh in ₹2,000 notes. The accused also disclosed the identity of their associate who had modified the serial numbers and printed details on the notes. He was traced to Yeshwantpur, where the police seized ₹6 lakh in fake ₹2,000 notes and equipment used to alter currency.
In total, ₹18 lakh worth of fake ₹2,000 notes were seized in the case. All ten accused were produced before the court on November 3 and remanded in judicial custody. One female accused remains absconding, and efforts are under way to trace her.
Explaining the modus operandi of the gang, the CCB officials said that it was a bizarre scam involving three men among the accused who posed as ‘swamis’ and tricked gullible people into believing they could bring a ‘rain of money’ through a special ritual using ₹2,000 denomination notes.
The accused — identified as Basavaraj alias Satyananda Swami, Mallikarjun, and Mohan alias Muniswamy — would take turns dressing up as holy men to convince people that performing a ritual with specific series of ₹2,000 notes would multiply their money several times over.
The trio told their victims that if they offered 100 notes of the (2018 HS series) ₹2,000 denomination, it would result in a miraculous ‘rain of money’. Claiming to have access to such notes, the fake Swamis would charge customers hefty sums- sometimes taking ₹2lakh and returning only ₹20,000 to ₹40,000 in so-called ‘ritual’ notes.
The police said the accused used an associate identified as Mubarak and used to tamper original ₹2,000 notes by altering the printed year and serial number. These modified notes were then circulated through agents to unsuspecting victims.
The swamis conducted the fake rituals near lakes or ponds, insisting that the ‘pooja’ must be performed alone, without any family members present.
During the ritual, they told the victims to take a dip in the water to pray for the ‘rain of money’. While the victims submerged, the fake swamis would flee with the money.
The gang operated in Bengaluru, Yadgir, Haveri, Andhra Pradesh, and Tamil Nadu, the police said. So far, the officers have seized ₹18 lakh worth of ₹2,000 denomination notes and the equipment used to tamper with them.
The police were verifying whether the seized notes are genuine or altered.
Published – November 04, 2025 09:31 pm IST
