CBI recovers fake US cheques worth Rs 1.25 crore, arrests one
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Last Updated: Wednesday, February 17, 2010, 14:58
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 from abroad.

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.


First Published: Wednesday, February 17, 2010, 14:58

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