Rs 2.5-Crore Fake Currency Racket Unearthed in Kollam, Man Taken Into Custody

Police have busted an alleged counterfeit currency printing unit at a house in Kollam while investigating the disappearance of a man, seizing equipment and materials suspected to be linked to fake notes with a face value of around Rs 2.5 crore, officials said on Saturday.

Police, along with the District Anti-Narcotic Special Action Force (DANSAF) team of Kollam City, searched the house of Sibion, a native of Kallelivayal in Vadi, and took him into custody.

The investigation began after his wife, Tincy, lodged a complaint at Pallithottam police station on October 16, reporting that her husband was missing.

During the probe, police learnt that Sibion had allegedly been abducted from Asramam in Kollam and that his gold ornaments had been taken away. Investigators found that a person named Adarsh had allegedly called him to a location, following which a kidnapping case was registered.

Sibion later returned on his own and informed police about the incident, officials said.

Further questioning and scrutiny of his financial dealings reportedly revealed suspected hawala transactions and other unauthorised activities, prompting police to raid his house on Friday night.

During the search, police seized a digital printer, bundles of paper cut to the size required for printing Rs 500 notes, a currency-counting machine and other materials allegedly used in the operation. The seized items were suspected to be linked to the production of counterfeit notes with a face value of around Rs 2.5 crore.

Police also recovered 43 sovereigns of gold ornaments from the premises.

Preliminary questioning indicated that Ravi, a native of Attingal, had allegedly supplied Sibion with materials used to prepare counterfeit notes in exchange for Rs 30 lakh, an officer said.

Police suspect that more people may have been involved and are attempting to trace Ravi. A detailed investigation is underway to establish the extent of the alleged operation and identify others connected to it, officials added.