The Central Crime Branch (CCB) in Bengaluru has made a significant breakthrough by seizing counterfeit currency worth ₹30.92 crore and arresting five individuals involved in the operation, as announced by Bengaluru Police Commissioner B. Dayananda on Monday. The gang was engaged in a novel fraud scheme targeting charitable trusts by promising substantial funds under Corporate Social Responsibility (CSR) programs.

According to Commissioner Dayananda, the criminals approached trusts with an offer to secure ₹1 crore from CSR funds for an upfront payment of ₹40 lakh. They employed a deceptive strategy by showcasing large amounts of counterfeit cash, up to ₹100 crore, to convince the trust members. Once the trusts provided the required amount, the fraudsters would disappear, leaving their victims defrauded. This method, although previously unknown, had successfully deceived numerous people before the recent crackdown.

The CCB’s Women Protection Wing played a crucial role in the operation, setting up a trap that led to the arrest of the suspects. The investigation revealed that the arrested individuals had a history of involvement in similar criminal activities. One of the suspects had been previously arrested in Wilson Garden, Bengaluru, for a gambling-related case, while another had a history of similar offenses in Mumbai. All five arrested are suspected of engaging in money laundering and other fraudulent activities.

The seizure of fake currency worth ₹30.92 crore underscores the scale of the fraud and highlights the effectiveness of the CCB’s coordinated efforts to combat such sophisticated scams. The arrests and ongoing investigations aim to unravel the full extent of the fraud network and provide justice to the affected trusts and individuals.