Karnataka Man Arrested in Goa for Fake Currency Scam Involving 'Children Bank of India' Notes
In a startling development in a counterfeit currency case, Goa police have arrested a 46-year-old Karnataka native, Maibuba Yalagi, following an investigation into a fake currency scam. The arrest came after Yalagi was caught depositing counterfeit notes bearing the inscription 'Children Bank of India' into a bank's cash deposit machine (CDM).
Social Media Deal Leads to Arrest
According to Superintendent of Police Vishwesh Karpe, the investigation revealed that Yalagi orchestrated the entire deal through social media. He connected with a resident of Madhya Pradesh on a social media platform, who offered to provide him with Rs 4 lakh in fake currency in exchange for Rs 1 lakh in genuine money.
The Madhya Pradesh resident delivered the consignment of counterfeit currency to Yalagi at Calangute, Goa. Yalagi was then instructed to deposit these fake notes into a bank via a cash deposit machine, with the promise of receiving genuine currency in return. During police interrogation, Yalagi claimed that he had obtained a loan from a bank and intended to use this scheme to repay it. Porvorim police are currently verifying these statements.
Bank Alert Triggers Investigation
The case came to light when Vikas Jarial, the branch manager of HDFC Bank in Alto-Porvorim, filed a formal complaint. Porvorim Police Inspector Rahul Parab detailed that on the morning of March 5, Yalagi deposited counterfeit Rs 500 denomination notes, totaling Rs 3,500, into a CDM at HDFC Bank, Porvorim. The notes all had common serial numbers and were projected as genuine currency into his own account.
The cash deposit machine immediately alerted bank officials to the fraudulent nature of the currency, leading to swift action. Following the complaint, an FIR was registered, and an investigation was launched.
Police Action and Custody
As the investigation progressed, it was discovered that Yalagi is a resident of Bijapur district in Karnataka. Accordingly, a specialized team from Goa police was dispatched to Karnataka to pursue the case. With the assistance of local police authorities, the team successfully apprehended Yalagi and brought him back to the Porvorim police station.
Yalagi was subsequently produced before the Judicial Magistrate First Class (JMFC) court in Mapusa. The court remanded him to four days of police custody to facilitate further interrogation and evidence collection. Police Inspector Rahul Parab confirmed that the investigation is ongoing, with efforts focused on uncovering any additional links or accomplices in this counterfeit currency network.
This incident highlights the growing trend of criminals utilizing social media platforms to orchestrate illegal activities, including financial fraud. Authorities are urging the public to remain vigilant and report any suspicious offers or transactions involving currency exchanges, especially those conducted through unverified online channels.
