The Halasuru Gate police have busted a major fake currency racket that duped innocent people by promising to “make money rain” using demonetized `2000 notes. Acting on a complaint filed by the Reserve Bank of India (RBI), the police arrested 10 accused who were running a well-organized interstate network of fraudsters.

The arrested have been identified as Mohan K, Srinivas Murthy, Raju, Basavaraj, Munishamappa, Mallikarjun, Ramakrishna, Palli Muralidhar, Ramachandra, and Mubarak. According to police sources, the gang used demonetized `2000 currency notes whose serial numbers had been tampered with, and circulated them through various banks using unsuspecting intermediaries.

The racket came to light when the RBI detected around 70 fake `2000 notes that had been deposited in a local bank. The serial numbers on these notes were found to be tampered versions of genuine old notes that had already been withdrawn from circulation. Based on the RBI manager’s complaint, the Halasuru Gate police began an investigation, tracing the source of the deposits.

During interrogation, one of the suspects confessed that he had deposited the notes in exchange for a commission. Further inquiry revealed an elaborate scam in which a few members of the gang posed as “swamijis” or godmen. These fake holy men met gullible victims and promised them a ritual that would miraculously multiply money.

The gang convinced victims that certain `2000 notes from specific serial series—such as the 2018 HS series—had special properties that could generate large sums during a ritual. Mubarak, one of the accused, allegedly handled the task of tampering with the serial numbers on genuine demonetized notes to make them appear authentic.

Victims, lured by greed and superstition, were told to bring cash and meet the “swamijis” alone near rivers or lakes for the ritual. During the ceremony, the fake godmen instructed victims to dip into the water holding the notes, claiming it would activate the magic. By the time the victims resurfaced, the fraudsters had fled with the money.

The police have recovered demonetized `2000 notes worth `18 lakh from the accused.