The fake Indian currency notes is suspected to have been printed and smuggled in from Bangladesh.
On specific information, officers of the Directorate of Revenue Intelligence (DRI) intercepted a 36-year-old person belonging to Karnataka, at Mumbra, in a suburb of Mumbai yesterday, a press release issued today by the agency said.
"Examination of his baggage resulted in the recovery of 349 notes of Rs 2,000. Detailed examination revealed that these notes having a face value of Rs 6.98 lakh were fake Indian currency notes," it said.
Follow-up operations at the residence of the intercepted person in Bengaluru, Karnataka, resulted in the recovery of another Rs 58,000 in fake notes, the release said.
The total face value of the seized fake notes is 7.56 lakh.
"Preliminary investigations by DRI has revealed that the intercepted person had procured these fake notes from an associate in Islampur, West Bengal (located in West Dinajpur district close to the Bangladesh border). It is further suspected that the fake Indian currency notes had been printed and smuggled in from Bangladesh," it said.
The accused in the case has been arrested, the DRI said. In the current financial year, during the months of April and July, the DRI had detected fake Indian currency worth Rs 3.5 lakh in three different cases booked at Hyderabad, Guwahati and Betiah, it said.