Bank Involved In Circulation Of Fake Notes

Private bank puts out fake notes-Times of India

4th June 2014
CHENNAI: Police have found that a private bank in Karapakkam was involved in circulation of fake currency notes after they questioned a woman who tried to deposit counterfeit notes at a bank branch in K K Nagar on Tuesday.

Police said when the woman came to deposit 50,000 in a private bank in K K Nagar, branch officials found that 500-rupee notes totalling 27,500 were fake. They called the K K Nagar police immediately.

Police officers questioned the woman who said her husband, who is a businessman, had asked her to deposit the cash he had withdrawn from a bank branch in Karapakkam.

When police scrutinised CCTV footage from the Karapakkam branch of the bank, they found the man pledging his jewellery and withdrawing the amount. Since the cash came from the bank, police are questioning a few bank officials. The woman was let off as she did not have any further information.

"We are trying to track the origin of the notes. All the seized counterfeit notes were not fresh ones. We suspect they changed many hands before reaching the bank," said an investigating officer.

Police are trying to find out how the notes passed the Karapakkam bank officials' verification process. They have asked the bank to check the cash they have carefully for more counterfeit notes.

Sources said the case maybe transferred to crime branch - criminal investigation division (CB-CID) of the state police or central crime branch (CCB) of the city police for further investigation.
Link Times of India