Three persons from Bihar circulating fake Indian currency here have been arrested and counterfeit notes with face value of Rs. 1.72 lakh seized from them, police said on Sunday.

“The accused Binod Prasad, Ravindar and Basant Prasad were nabbed on Saturday from Thannisandra and 15 counterfeit notes of Rs 1,000 denomination and 315 of Rs 500 denomination seized from them, besides ATM cards and voter identity cards,” City Police Commissioner Shankar Bidari told reporters.

Efforts are on to nab some of their associates, he said.

The officer said investigations revealed that the notes were printed in Pakistan and supplied to counterfeit note circulators in India via Nepal with the intention of “upsetting” the economy.

The accused used to bring ‘Indian’ currency notes of these denominations from Beerganj in Nepal.

The supplier used to give them fake notes of face value Rs. one lakh in denomination of Rs. 500 against every Rs. 40,000 genuine notes paid and 15 fake notes of Rs. 1000 denomination for every Rs. 1000 genuine cash.

In view of the importance and the need for detailed investigation in Bihar and Nepal, the case would be handed over to CBI after receiving the State government’s orders, Mr. Bidari said.

More In: Bangalore