Delhi and Mumbai police, in a joint operation, seized coins worth Rs 9.4 lakh from a car owned by a Malad resident and arrested one person.
The accused person has been identified as Jignesh Gala and was arrested in connection with distributing the coins.
According to the police, the Government Mint will verify if the coins are authentic which are suspected to be counterfeit.
The special cell of Delhi Police had been investigating a case of counterfeit currency and had arrested five accused persons. During technical analysis, the Delhi police got leads that a person connected to their case was in Malad (E).
Delhi Police came down to Mumbai and on February 1, they approached Mumbai's Dindoshi Police for assistance. After a green signal from senior officers, the teams picked up Gala. Police have learnt that Gala worked for a commission.
"During interrogation, accused Jignesh Gala disclosed that he has been involved in the procuring and supplying of Indian currency coins for the last 7-8 years. Initially, he used to collect currency coins from Banks in Surat, local businessmen, and traders of old currency. However, while working in the sector, he started collecting FICCs even from unknown persons and met mastermind Naresh Kumar, who offered a regular supply of FICCs to him," the police said.
The police further said that Naresh Kumar used to deliver consignments of Indian currency coins from Jaipur to Mumbai in various traveller buses.
"Later, he started sending such consignments through travel agents also. Every such consignment contained FICCs with face value worth Rs 8-10 lacs. In a period of around 2 years, he obtained around 15-16 such consignments and circulated them in the open market,' the police said.
His custody was handed over to Delhi police.