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A gang of five persons were arrested by Ranipet Town police on Wednesday for circulating counterfeit currencies of ₹500 denominations in Walajah, Arcot, Sholinghur and Arakkonam towns in the district. Police said that the arrested persons were identified as Askar Basha, 49, Sardar, 48, Wasim, 42, Ibrahim, 38, and Siva, 42. They are natives of Ambur town and were childhood friends in Walajah. Initial inquiry revealed that K. Muthuraman, 41, a transport operator, and his wife M. Kosalai, 38, are residents of Walajah town in Ranipet. The couple pledged five sovereigns of gold jewellery in a nationalised bank and borrowed ₹2.23 lakh for medical expenses a few months ago. Subsequently, Muthuraman asked a second-hand vehicle dealer B. Ramu, 55, in the area to sell his lorry for a good price to get back his pledged jewellery from the bank. Accordingly, police said that Ramu got in contact with the gang to buy the vehicle. The gang paid a sum of ₹2.35 lakh to Muthuraman for the lorry. Later, the couple went to the bank to get back their gold jewellery. However, the bank manager, S. Rajarajan, found ₹10,000 as counterfeit notes of ₹500 denominations when the couple gave the required money to the bank. Based on a complaint by bank officials, Ranipet police conducted an inquiry with the couple, who said that they got the cash from the gang after they sold their lorry to them. Police rounded up the gang from their hideout in Walajah. Police also seized bundles of counterfeit notes of ₹500, colour printers and other equipment from the hideout. A case was registered and the gang members were lodged at Central Prison in Vellore. Further probe is under way.
