---
title: "Chhattisgarh police bust interstate currency-doubling racket with seven held from Maharashtra"
url: https://projectchintan.com/article/interstate-currency-doubling-racket-pezzo
publisher: Project Chintan
author: Project Chintan Newsroom
section: Society
published: 2026-08-23T11:30:29.730Z
modified: 2026-08-23T14:00:05.219Z
language: en-IN
---

# Chhattisgarh police bust interstate currency-doubling racket with seven held from Maharashtra

Raipur police dismantled an interstate fraud network that claimed to redeem damaged currency using chemicals. Seven suspects from Maharashtra were arrested; authorities say the scam has operated across multiple states since 2005.

## Key takeaways

- Chhattisgarh police cracked a cross-state fraud network that claimed to convert damaged currency into new notes and double the money.
- Seven suspects from Maharashtra were arrested; two female accomplices were detained earlier in Nagpur, aiding the investigation.
- The raid took place at a resort in Khandala, Pune district, after which suspects were moved to Raipur on transit remand.

## What Happened

The Chhattisgarh police announced the bust of an interstate currency-doubling racket responsible for deceiving dozens of victims across several states. Seven accused individuals, all said to be from Maharashtra, were apprehended. The investigation followed information from two female accomplices who had been detained earlier in Nagpur. A raid was then conducted at a resort in Khandala, Pune district, where the suspects were intercepted while attempting to defraud a resident of Varanasi who had brought a large sum of money for the purported operation.

Authorities recovered more than 4 crore rupees in cash, 17 mobile phones, black paper cut to resemble currency notes, glass plates, and other paraphernalia linked to the syndicate. The group allegedly demonstrated the process using genuine notes and chemicals to persuade victims that damaged or blackened notes could be converted into new currency and, in the bargain, double their money. The case has been registered at Telibandha police station under sections 318(4) (cheating) and 61(2) (criminal conspiracy) of the Bharatiya Nyaya Sanhita.

Police identified three primary figures as ringleaders: Gyan Prakash Srivastava alias Yogi (46), Praveen Kumar Srivastava alias Captain (52), and Manoj Kumar Srivastava alias Bade Sir (55). Other named suspects include Vivek Singh (48), Shubham Pandey (37), Yogendra Chauhan (48), and Balmukund Dixit (40). They were transported to Raipur on transit remand. Investigators note that some gang members had prior arrests in Mumbai and Varanasi.

## Why It Matters

The operation highlights a cross-state criminal network that presented a financial risk to multiple communities by exploiting doubts about damaged currency. The authorities say the gang has extorted money from more than 100 victims across six states since 2005, indicating a long-running fraud with widespread reach. The arrest of suspects from Maharashtra and the subsequent tracing to a Pune district resort demonstrate cooperation across jurisdictions in tackling organized financial crime.

## Background

Two female suspects were previously detained in Nagpur, which helped lead investigators to the Maharashtra-based cluster. A field operation in Pune led to the capture of the accused at a resort in Khandala, where evidence of the alleged scam and demonstration of the fake process were observed. The case file cites a pattern of meetings, demonstrations, and staged tests intended to build victims' confidence before soliciting payments for supposed chemicals, testing, and regulatory clearances.

## Key Facts

- Police claim the gang used a chemical process to claim damaged or blackened currency could be converted to new notes and potentially doubled.
- The operation recovered over ₹4 crore in cash and 17 mobile phones, plus materials used to fake currency notes.
- Victims spanned six states: Chhattisgarh, Maharashtra, Uttar Pradesh, Gujarat, Rajasthan, and Delhi; the scam has reportedly affected more than 100 people since 2005.
- Seven accused were arrested in this raid; three are named as ringleaders; they were brought to Raipur on transit remand.
- A prior arrest of two women in Nagpur aided the investigation and helped trace suspects to Pune.
- The Telibandha police station registered the case under cheating and criminal conspiracy sections of the Bharatiya Nyaya Sanhita.

## What Happens Next

Authorities indicate efforts to locate remaining gang members are ongoing, with continued tracking and cross-jurisdictional cooperation expected to pursue the full network. The transit remand of the seven accused suggests ongoing legal proceedings pending in Raipur.

---
Canonical: https://projectchintan.com/article/interstate-currency-doubling-racket-pezzo
Reported from: Multiple Sources