Nashik, Sep 1: Police have arrested five persons here and seized from them counterfeit currency worth Rs 4,100.
Acting on a tip-off, a police team arrested Sayyad Abdul Shaikh (a resident of Govandi, Mumbai) and Kailas Gurav (a resident of Korenagar, Dhule) on Saturday from CBS area of the city. The team seized 11 fake notes of Rs 100 denomination from them.
After quizzing them, police arrested Shaikh Shakur Qazi (a resident of Multanpura, Nashik) and Siddhartha Rupwate (a resident of Jail Road, Nashik Road) from Jail Road area of the city yesterday. The team also seized 30 notes of Rs 100 denomination from them. The duo had come to sell the fake notes there, police said today.
Qazi and Rupwate revealed that the notes were given to them by one Dr Sanjay Gaikhe, a resident of Godavari Society at Jail Road, Nashik Road. Following which, a police team raided Gaikhe's home and arrested him yesterday. It also impounded two scanners, a printer and other materials from his house.
During interrogation, Gaikhe admitted that he was producing the fake notes and circulating them in the market with the help of his aides.
Police suspect that the gang might have connections with people from Mumbai.
Further investigations are on, police added.