The CBI has busted an international gang allegedly involved in printing, circulation and use of counterfeit cheques having a face value of millions of US dollars and arrested one person in in this connection.
During the searches conducted late last night at the residence of Hemant Reddy, an alleged gang member, the CBI team recovered counterfeit cheques having a face value of US dollars 3,00,000 (equivalent to about Rs 1.25 crore) from his residence, official sources said.
The investigations reveal that the gang involved members from USA and India and had a computerised printing unit for developing such counterfeit cheques using base papers coming from abroad.
The text used for printing the cheques was sent from accomplices from abroad through emails.
"After printing such counterfeit cheques in the names of various US based banks, these were being forwarded to USA on various addresses provided by their accomplices through courier services, while concealing their identity and whereabouts," a CBI spokesperson said.
He said a large number of base paper sheets to be used for printing such counterfeit cheques have also been seized. These paper sheets could have been used for printing cheques worth around 81 million USD.
Investigations reveal that US-based gang members and Reddy were allegedly sharing proceeds from the crime using Western Union Money Transfers, official sources said.
The recoveries during the searches indicate involvement of foreign nationals and that quantum of such fake cheques could reach several million dollars, the spokesperson said.
"Further investigation is in progress to identify the various modules based in other countries, their linkages, modus operandi and the channel of money transfer, etc. The CBI is trying to approach the concerned US authorities through the Interpol," he said.
"The accused will be produced today before the chief metropolitan magistrate, Tees Hazari Court for remand," he said.
This is another major bust of fake international financial instrument racket after three Nigerians were arrested on February one by CBI for printing and circulating multi-million dollar counterfeit MoneyGram money orders used in the United States.
The US authorities had sought help of the CBI, which apprehended one of the accused on January 30 while attempting
to send a consignment of 158 counterfeit MoneyGram money
orders, each of USD 970 having a total face value of USD
1,53,260 (approx Rs 73,56,480), a senior CBI official said.
