New Delhi: 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 this connection.
During the searches conducted late Tuesday night at the
residence of Hemant Reddy, an alleged gang member, the CBI
team recovered counterfeit cheques having a face value of USD 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
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.