The South Goa additional sessions court has rejected the bail application of a man accused of depositing counterfeit currency notes through a cash deposit machine, allowing adequate time for police to trace the origin of the fake notes.
The additional sessions judge dismissed the bail plea of Dattatraya Kaginkar, who was arrested by Margao police in March. The court observed, "Offences involving fake currency are grave in nature as they impact the national economy."
According to the prosecution, Kaginkar allegedly attempted to deposit 98 counterfeit Rs 500 notes into a cash deposit machine linked to an account held by Kansul Haq at IDBI Bank's Kerala branch. This was done in an attempt to circulate forged currency as genuine. Police presented CCTV footage from the ATM, which showed Kaginkar depositing the fake notes on February 8.
While the defence counsel admitted that Kaginkar visited the ATM and deposited Rs 4,500, they denied the allegations against him. The court, however, deemed the matter serious and refused bail, emphasizing the need for further investigation to uncover the source of the counterfeit currency.
