New Delhi, June 18 (UNI) The Supreme Court on Wednesday refused to grant bail to Bulgarian national Ruslan Petrov Metodiev, who was arrested in June 2023 for allegedly operating a counterfeit currency racket in the national capital.
A vacation bench, comprising Justices Sandeep Mehta and Prasanna B Varale, observed, “Such acts eat away the vitals of the economy,” while dismissing Metodiev’s plea for bail.
The bench noted that the foreign national was apprehended with Rs eight lakh in counterfeit currency notes, all in Rs 500 denomination.
“This is not a fit case for the grant of bail,” the Court remarked while upholding the serious nature of the offence.
Metodiev was arrested on June 21, 2023, following a raid by the Special Cell of the Delhi Police, based on specific intelligence inputs indicating his involvement in the circulation of Fake Indian Currency Notes (FICN).
During the operation, police allegedly recovered counterfeit notes worth Rs eight lakh from his possession.
The FIR, registered in 2023, led to further investigations, during which police searched Metodiev’s residence in Gurugram.
Authorities claimed to have uncovered a full-fledged counterfeiting setup that included high-end printers, laptops, tracing paper, inks, cutting tools, and partially completed counterfeit currency notes.
The Delhi High Court had earlier, on March 12, rejected Metodiev’s regular bail plea. It had underscored the seriousness of the charges and stated that the offences carried the potential to destabilise the national economy, which outweighed any arguments in favour of granting bail.
The High Court also found prima facie evidence of Metodiev’s involvement in an organised counterfeiting operation.
A forensic examination of devices recovered from his home revealed a digital trail, including online searches related to the production of fake currency and a video file stored on his SSD, allegedly demonstrating counterfeiting techniques.
Highlighting concerns about the possibility of absconding, the High Court noted that Metodiev is a foreign national whose passport had expired. Though he has applied for renewal, the application remains pending.
Given the gravity of the offence and the likelihood of a long sentence if convicted, the Court concluded that there was a strong risk of flight.
The Supreme Court’s refusal to grant bail upholds the findings of the Delhi High Court and allows further investigation and prosecution to proceed in the high-stakes case of economic offence.
UNI SNG SS