Mumbai, May 5 (UNI) Thane police have busted a fake currency racket operating out of a rented room in Bhiwandi city of Maharashtra's Thane district, an official said on Monday.
The official said that the gang was printing counterfeit Rs 500 notes and selling fake currency worth Rs 30 lakh in return for Rs six lakh.
Police have arrested three people identified as Suraj Shende (32), Bharat Sase (38) and Swapnil Patil (38).
Acting on a tip off, a raid was carried out on May three at Bhiwandi and the trio were arrested with counterfeit currency worth Rs 30 lakh, he said.
An investigation is going on to trace the source of the printing operation and identify any potential wider network or syndicate involved in the distribution of counterfeit currency, the official added.
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