Theni Police busted a major counterfeit currency exchange gang and seized 16 mobile phones, three luxury cars and counterfeit notes in the denomination of ₹500, amounting to ₹3.40 crore in the face value, on Thursday.
Two persons, Sekar Babu, 45, of Sivaji Nagar here and Kesavan, 36, of Bommaya Goundanpatti, were picked up for interrogation. A police officer said based on a specific input, Sub-Inspectors Thavasi and Jeevanandam searched the luxury car parked at Sivaji Nagar, and found counterfeit notes in it.
There were complaints that the duo used to lure gullible people with an offer of giving double the amount of cash. When the people came with original currency notes, the duo gave them fake notes and chased them away after seizing their mobile phones.
Some of the affected people approached the police and lodged complaints.
The police were not sure whether any network of people operated behind the accused. A special team was interrogating the duo as to where the counterfeit notes came from, a police officer said, adding that a case had been registered.
