Gang dupes over 100 people with 'currency doubling' trick, busted; 9 arrested

Chhattisgarh Police arrested seven men in Pune after raiding a Khandala resort over an alleged money-doubling scam. Investigators say the network cheated victims across several states for years and more arrests are likely.Police said the accused would arrange meetings at hotels and other places and stage demonstrations with genuine currency notes and chemicals to convince victims that blackened and damaged notes could be converted into new currency. (Representative image)Chhattisgarh Police have busted an interstate racket that allegedly cheated people of crores of rupees across several states by claiming it could turn blackened and damaged currency into new notes with chemicals and also double the amount. Seven accused from Maharashtra have been arrested, while two women had been held earlier in Nagpur in connection with the case.Police said the gang was caught earlier this week during a raid at a resort in Khandala in Pune district, where the accused were allegedly trying to cheat a Varanasi resident who had brought crores of rupees to get it doubled. More than Rs 4 crore in cash, 17 mobile phones, black paper cut in the shape of currency notes, glass plates and other materials were seized.Police said the accused would arrange meetings at hotels and other places and stage demonstrations with genuine currency notes and chemicals to convince victims that blackened and damaged notes could be converted into new currency. After winning their confidence, they allegedly collected money in instalments on the pretext of importing chemicals, conducting tests, obtaining official clearances and completing other formalities.An official said the syndicate had duped more than 100 people in Chhattisgarh, Maharashtra, Uttar Pradesh, Gujarat, Rajasthan and Delhi since 2005. The accused allegedly told people that they could change blackened and damaged currency into new notes using a chemical and could also double their money in the process. A case has been registered at Telibandha police station under sections 318(4) for cheating and 61(2) for criminal conspiracy of the Bharatiya Nyaya Sanhita. Police said Kaniz Fatma alias Bhavna Pandey, 24, and Deepika Paliwal, 24, were arrested earlier in a case in Nagpur, and digital evidence and information from them helped trace the gang to Pune. A police team then camped in Pune for about a week and tracked the suspects to the Khandala resort.The arrested accused were identified as Gyan Prakash Srivastava alias Yogi, 46, Praveen Kumar Srivastava alias Captain, Shetty or Reddy, 52, Manoj Kumar Srivastava alias Bade Sir, 55, Vivek Singh, 48, Shubham Pandey, 37, Yogendra Chauhan, 48, and Balmukund Dixit, 40. Police said they were brought to Raipur on transit remand. According to investigators, Gyan Prakash, Praveen Kumar and Manoj Kumar Srivastava were the alleged ringleaders, with Praveen Kumar operating as Captain and Manoj Kumar known as Bade Sir. Investigators said some gang members had earlier been jailed in Mumbai and Varanasi. With nine arrests made so far, police said efforts are on to trace the remaining members of the gang.- EndsPublished By: India Today Web Desk Published On: Aug 23, 2026 14:09 IST