Alibaug (Maharashtra): A fake currency racket has been unearthed in Alibaug city, where police arrested one person and seized counterfeit Indian currency notes worth Rs 12 lakh along with materials used for printing, officials said on Sunday. 

The accused, identified as Bhushan Patange, was caught following a raid by the Alibaug police after receiving a tip-off about the possession of fake notes in Mayekar Wadi, a central locality in the city.

Acting swiftly, Alibaug Police Inspector Kishor Sale and his team reached the spot on Friday night and carried out the raid, officials said.

During the operation, police recovered fake currency amounting to around Rs 12 lakh, which included notes in denominations of Rs 500, Rs 200, and Rs 100.

Along with the counterfeit notes, a colour printer used for printing and a cutter used for trimming the notes were also seized from the accused's possession.

Authorities stated that the recovered materials clearly indicate that Patange was engaged in producing counterfeit currency on a significant scale.

The police have begun a detailed investigation to determine where the accused had circulated the fake notes and whether others were involved in the racket.

Preliminary inquiries revealed that Bhushan Patange is a habitual offender with a criminal history. A new case has been registered against him at the Alibaug Police Station under relevant sections of the BNS related to counterfeiting and forgery.

Following his arrest, Patange was produced before a court, which remanded him to six days of police custody for further interrogation.

Officials said that efforts are underway to trace possible accomplices and uncover the full extent of the fake currency network operating in the region.

The Alibaug police have intensified their efforts to curb such illegal activities and ensure that counterfeit notes are removed from circulation.

Further details are awaited as the investigation continues. (IANS)