Fraudsters operating in Gujarat and Maharashtra promised to double victims’ cash, gave counterfeit notes in return; police have so far registered three separate cases at Kalachowki, Sion and Matunga police stations, all with a strikingly similar modus operandi
Illustration/Uday Mohite
An Inter-state gang operating out of Bhuj in Gujarat has been busted for running a sophisticated “money-doubling” scam across Mumbai, where victims were lured into handing over real cash and were instead given bundles of fake currency disguised with real notes popularly referred to as “Bachchon ka Bank” notes.
Police have so far registered three separate cases at Kalachowki, Sion and Matunga police stations, all with a strikingly similar modus operandi. While an arrest has been made in the Kalachowki case, investigations are ongoing in the other two cases, with no arrests made so far in the Matunga case, police said.
The ‘public place trust trap’
According to police, the gang deliberately avoids online transactions and cyber trails, insisting on face-to-face cash handovers at busy public spaces such as railway station areas, petrol pumps and hotels to build trust in victims and create a sense of safety.
Victims were promised that their money would be “doubled” or increased manifold within minutes. To make the deception believable, the accused would hand over thick bundles of currency, with genuine Rs 500 notes placed only on the top and bottom, and the middle filled with clearly fake notes resembling children’s play bank currency. “The speed of the exchange and psychological pressure is the real weapon. Before the victim realises, the accused vanish,” a police officer said.
Arrest in Kalachowki case
In the Kalachowki case, police laid a trap near Cotton Green-Reay Road area on June 28 and arrested Ankit Dinanath Parasar, 28, who is believed to be a key carrier for the gang. He was found in possession of five bundles of counterfeit Rs 500 notes with a total face value of fake currency of Rs 25 lakh and a mobile phone allegedly used to coordinate the operation.
Police seized 5000 counterfeit Rs 500 notes, with only 10 genuine notes used as cover to mislead the victim. During interrogation, the accused allegedly named his associates as Kabir, Nawab and Ranjit Bera.
Victims lost at least Rs 5.5 lakh
Police said the total confirmed loss to victims across the three cases stands at Rs 5.5 lakh so far. In the Sion case, a Pune-based woman was cheated of Rs 5 lakh after being promised a higher return. In the Matunga case, a male victim lost Rs 50,000 in a similar exchange scam. Based on these cases, The police estimate that over 6100 fake Rs 500 notes were circulated as part of the racket.
Bhuj link under scanner
Police, based on the ongoing investigation, believe the gang is operating from Bhuj, Gujarat, with Mumbai being used as the primary execution location. Police are now analysing call records and financial trails to identify the full network.
Another accused, Sanjay Chawariya, has been named in the Matunga case, where the investigation is still in progress. Along with Chawariya, there are two more accused involved, including a woman but they are yet to be arrested. Chawariya meanwhile has been sent notice to cooperate with the investigation, he is allegedly from Delhi but based in Mumbai.
“In this type of fraud, citizens are made to believe that they will get an instant loan but they should be vary about the fact that there is no interest rate, no documentation, or anything except for verbal promises. Nobody will provide such money except for fraudsters,” said Rajendra Pawar, senior police inspector of Matunga police station.
Modus Operandi
>> Gang allegedly based in Bhuj, Gujarat
>> Victims lured with money-doubling promises
>> Meetings fixed at public places in Mumbai
>> Bundles had real Rs 500 notes on top and bottom, fake “Bachchon Ka Bank” notes inside
>> Quick handover + pressure tactics used
>> Cases registered at Kalachowki, Sion and Matunga
Do
>> Verify loan sources before transferring money.
>> Insist on official documents and receipts
>> Use bank-to-bank transfers, not cash
>> Report suspicious offers to the police immediately
Don’t
>> Don’t trust “double your money” schemes.
>> Don’t carry large cash to unknown meetings.
>> Don’t agree to deals made only on WhatsApp/phone calls.
>> Don’t accept bundles without full verification
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