Date:27/08/2007 URL: http://www.thehindu.com/2007/08/27/stories/2007082751680300.htm

Tamil Nadu - Chennai

Currency ‘doubling’ gang busted at Perambur

Special Correspondent

CHENNAI: A special team from the North Zone police arrested a gang involved in currency doubling case at Perambur on Saturday.

Police arrested the identified the arrested as Eswaran, Rajagopal, Mohan, Thyagarajan and Augustine.

Explaining the method adopted by the gang, M. Ravi, Joint Commissioner of Police, North Zone, said Eswaran and Rajagopal of Coimbatore were the leaders of the gang and had an agent.

The agent visited various parts of the State and identified businessmen who were interested in doubling transactions.

He then passed on the message to Eswaran.

Eswaran and Rajagopal would approach the businessmen and offer them three times more than what they paid. During the time of transfer of cash, one gang member would pose as a police and sabotage the transfer. In the end, the businessman loses his money and is made to believe that he escaped police investigation.

The gang’s activities came to light when they zeroed in on one G. Baskar, a businessman from Otteri.

The gang told him that he would get Rs. 30 lakh for paying Rs. 10 lakh.

On suspicion, the businessman informed the police. The police are on the lookout for Raffique, the agent, and Ayyappan, who would normally acted as policeman. personnel, are absconding. Police are in search of the two.

Further investigations are on, Mr Ravi added.