Balasore: Police on Sunday arrested five persons in connection with the deposit of fake currency worth Rs 44,000 of Rs 2,000 denomination at Khirikona Seva Cooperative Samiti.
The accused have been identified as Salim, Sk Rizuan, Satyanarayan Panda, Tarakant Biswal and Manoranjan Barik.
Semulia police arrested the accused while carrying out an investigation into the case of fake note deposit in the cooperative samiti by one Bishnu Nayak.
According to reports, Bishnu had deposited Rs 1.50 lakh in the samiti on April 10, out of which 22 notes of Rs 2,000 denomination was found to be fake.
The bank officials reported the matter to police following which cops had detained Bishnu and he revealed the source from where he had got the money.
“We had formed special teams and raids were conducted at different places in the district following Bishnu’s tip-off. Fake notes worth Rs 1.48 lakh in Rs 2,000 denomination have been seized and five persons have been arrested for their involvement in the racket,” said Balasore SDPO (Sadar), Pravash Chandra Pal.
It is suspected the accused are part of a major counterfeit currency racket and further investigations are on to ascertain the source of procurement of the fake notes, Pal added.