‘Children Bank of India’ notes worth Rs 9.90L surface in Hyderabad, man held

Mangalore Today News Network

Hyderabad, Mar 14, 2017: Hyderabad Police arrested on Tuesday a man who was allegedly trying to deposit Rs 9.9 lakh in fake currency notes bearing the name “Children Bank of India”.

Kushaiguda police in Hyderabad arrested a person Yousuf Shaik from Moula-Ali area, who was caught by Allahabad Bank staff while allegedly trying to deposit fake currency in the denominations of Rs 2,000 and Rs 500.

This comes weeks after fake Rs 2000 banknotes bearing the “Children Bank of India” name was dispensed from ATMs in Delhi and Uttar Pradesh.

According to the police, Shaik allegedly came to the Allahabad Bank branch near Radhika Theatre at AS Rao Nagar soon after the bank opened at 10.30 am. He quietly handed over a few bundles of currency to the bank cashier to deposit the same in his savings bank account. There were in all 400 notes of Rs 2,000 denomination and 380 notes of Rs 500 denomination, amounting to a total of Rs 9.90 lakh, police said.

The cashier, initially, did not suspect the currency as the notes were similar to the original ones. However, while counting he had a close look at the notes and was shocked to notice that the notes had the name of “Children Bank of India” instead of Reserve Bank of India, police said. While holding the customer at the counter, he quietly informed the same to the branch manager, who in turn informed the authorities.

Within minutes, the police arrived on the scene and took Shaik into custody. On interrogation, Shaik, who runs a small stationery shop in Malkajgiri area, told police that he had got the money from some customers. “However, we suspect there is a big racket behind it. The investigation is on,” a police official said.

According to bank sources, Shaik opened his savings bank account only in June 2016 and had been making only smaller transactions. This was the first time that he tried to deposit such a huge amount. Recently, he had approached the bank authorities for some loan for his shop, but it was rejected as he did not meet the requirements for granting the loan, bank authorities said.