A `million dollar' note seized

November 28, 2006 12:00 am | Updated March 22, 2012 10:41 am IST

Staff Reporter

An IAM bill being passed on as real currency note: SP

Recovery details to be posted on internet Only 30 such notes in world

VISAKHAPATNAM: Planning to make easy money? Buy a $1 million note for Rs.50,000, now being clandestinely sold in the district and in Orissa, and burn your fingers! One such note, being used to make a fast buck by cheating the rich in India, was seized by the district police on Sunday.

"The million Dollar currency note is actually a certificate printed by the International Association of Millionaires (IAM) for use as a promotional product. It is not US currency but is printed on real currency grade paper with a unique water mark," Superintendent of Police J.G. Murali told the media, here on Monday.

The design of the note is extremely fine and detailed just like real money.

The central vignette was engraved by a highly skilled designer, who had earlier prepared real bank notes for the US and other countries.

O. Issac, an electrician of Gajuwaka, met Ch. Chandra Rao of Pakalapadu village of Golugonda mandal in the district and showed him a photo copy of the note and told him that if the original note was exchanged it would fetch more than Rs. 4 crores in the Indian market. He also told him that full details and the original note were with Ch. Vasu Achari of Itchapuram in Srikakulam district and A. Krishna Rao, L. Krishna Rao and L. Deliswar Rao (all three from Berhampur in Orissa) and B. Trinadha Rao of Paralakhemundi in Orissa.

Issac told Chandra Rao told that the money received could be shared among the seven of them.

Believing him, Chandra Rao took the photo copy of the note and approached Vanthala Rajubabu of Veelamjuvvi village of Balapam panchayat of Chintapalli mandal on November 18 and struck a deal with him to sell the note for Rs.50,000. Rajababu paid Rs.10,000 as advance to Chandra Rao at Narsipatnam on November 25 and promised to pay the balance when he receives the actual note and the certificate.

On a tip off, the district police trapped Chandra Rao and through him the other accused in the case were arrested. The IAM bill and the documents were seized from their possession.

Mr. Murali said the bill issued by the IAM, which was being passed on as a currency note, was a status symbol and could be used to obtain bank loans.

There were about 30 such notes in the world. He felt that a bigger racket was going on in Orissa. The details of the note and its recovery would be posted on the web to alert gullible persons, he added.

Narsipatnam SI M. Ch. Sekhar was present.

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