Srinagar: With the arrest of three persons on Thursday, a fake currency racket has been busted in Budgam district of Jammu and Kashmir, police said here.
The cops also recovered counterfeit currency notes with face value of Rs 45,000 and other tools from a vehicle at Narbal crossing, a police spokesman said.
He said the driver of the vehicle –Taufeeq Hussain Khawaja — was taken into custody and on his instance two of his associates, involved in circulating the fake currency notes in the market, were also nabbed.
“During the course of investigation, Khawaja confessed his involvement in printing fake currency notes at his house at Baliharan Singhpora Baramulla. A raid was carried out at his house, during which two printers, one paper cutter, two reams of bond paper, one mobile phone and 10 bond paper sheets with Rs 100 denomination fake currency notes were recovered,” he said.
His two aides have been identified as Farooq Ahmad Ganaie and Abdul Hamid Ganaie. They were also shifted to the Police Station where they remain in custody, the spokesman added.