The Central Crime Branch (CCB) here has seized counterfeit notes with the face value of Rs 30.92 crore and arrested five persons in this connection, Bengaluru police commissioner B Dayananda said on Monday.
He said the gang used to target trusts promising them to get Rs one crore under Corporate Social Responsibility (CSR) fund of various companies if they provided Rs 40 lakh.
"This is a new way of cheating, which was not seen before though we had vague information about this. This network of fraudsters approached the trusts. They would apprise them that if they provide them cash then they will get more money through Corporate Social Responsibility," Dayananda told reporters here.
"They even showed them (trusts) cash to the tune of Rs 100 crore. Once the trust members were convinced and paid them the amount, the gang would flee. It has come to light that they had duped lots of people this way," he said.
Dayananda said the CCB's Women Protection Wing laid a trap and arrested them.
Fake currencies with face value of Rs 30.92 crore have so far been seized, he said.
"We have arrested five people. One was arrested earlier in a gambling case in Wilson Garden in the city. Another accused was arrested earlier in Mumbai in a similar case. These accused were involved in money laundering activities," Dayananda said.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
Bengaluru Businessman Found Dead Inside Burning Car, Cops Suspect Suicide Video: Drunk Man Attempts To Break Into Woman's Car, Bengaluru Police Reacts Fed Up With Stunt Riders, People Throw 2 Scooters Off Bengaluru Flyover Russia's Firing Of ICBM On Ukraine Is Weapon's 1st Combat Use In History Maharashtra Chief Minister Pick Contentious For Both Ruling, Opposition Camps Amazon Employee Greets Friend At Wedding, Dies Of Cardiac Arrest Famous Iceland Geothermal Spa Covered In Lava Post Volcanic Eruption Netanyahu Says ICC Arrest Warrant Will Not Stop Israel Defending Itself "If CRPF Was Not Deployed...": Manipur Chief Minister On "Terror Attack" Track Latest News Live on NDTV.com and get news updates from India and around the world.