Bhubaneswar: The Commissionerate Police of Bhubaneswar-Cuttack on Sunday arrested five persons, including a woman, for allegedly duping multiple victims through a fake currency exchange scam promising double returns.
The accused reportedly conned unsuspecting persons out of a total of Rs 12.5 lakh by luring them with counterfeit bundles of Rs 100 notes.
According to police, teams from Nayapalli and Bharatpur police stations launched a joint operation along with headquarters officials after receiving complaints of fraud earlier this year.
The first complaint was filed in February, triggering a probe into what appeared to be an organised racket operating across the city.
The gang targeted victims by claiming they had large quantities of unaccounted Rs 100 notes—often referred to as “black money”—and offered to exchange it for Rs 500 notes at double the value.
Once the victims handed over the cash, the accused provided them with bundles that appeared to contain Rs 100 notes. However, when the bundles were checked later, only the top and bottom notes were genuine—while the rest consisted of blank paper slips cut to size.
Two FIRs were lodged in connection with the case—one at Nayapalli police station reporting a loss of Rs 6 lakh and another at Bharatpur police station with a victim losing Rs 6.5 lakh.
“Acting on technical surveillance, intelligence inputs, and human sources, we apprehended five accused from Angul, Ganjam, and Cuttack districts,” said Bhubaneswar DCP Jagmohan Meena during a press briefing.
Police recovered Rs 1 lakh in cash, eight mobile phones, 15 bundles of fake currency (made from cut paper), and several bags used in the scam. The accused were produced in court on Sunday.
Investigations are ongoing to trace more victims and uncover any wider network linked to the fraudulent operation.
