14/03/2017 7:09 PM IST | Updated 14/03/2017 7:22 PM IST

Man Arrested For Trying To Deposit 'Children Bank Of India' Notes Worth ₹9.9 Lakh In Hyderabad

Counterfeiting currency is no child's play.

Kavitha Rao‏/Twitter

Hyderabad Police arrested a man on Tuesday for trying to deposit fake currency notes worth ₹9.9 lakh bearing the name, 'Children Bank of India'.

Yousuf Shaik was caught by the staff at a branch of the Allahabad Bank when he allegedly tried to deposit the fake currency in the denominations of ₹500 and ₹2,000. This comes weeks after fake notes bearing the 'Children Bank of India' name was dispensed from ATMs in Uttar Pradesh and Delhi.

According to the Hindustan Times, the police said that Shaik allegedly reached the bank at 10.30 am and quietly handed over a few bundles of currency to the bank cashier to deposit in his savings bank account. Initially, the cashier did not suspect anything as the notes were quite similar to original currency notes. But a closer look at the notes during counting revealed that they were counterfeit. Instead of 'Reserve Bank of India,' the notes had 'Children Bank of India' printed on them.

The cashier immediately informed the branch manager and soon the police reached the bank, taking Shaik into custody.

On interrogation, Shaik, who runs a small stationery shop in Malkajgiri area in Hyderabad, told the police that he had received the fake notes from some customers. "However, we suspect there is a big racket behind it. The investigation is on," a police official said.

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