Srinagar, Sep 27: Police in Magam have arrested three individuals, including two students, for allegedly circulating fake Indian currency notes (FICN), officials said on Saturday. The arrests followed a routine operation based on credible inputs about suspicious monetary dealings in the area.
The accused have been identified as Bashrat Bashir Rather, 17, from Archander Hama in Budgam; Mohammad Shafie Ganaie, 37, from Mazhama Magam; and Abid Manzoor, 17, a higher secondary student from Kawoosa Khalisa.
Police recovered counterfeit currency worth ₹27,500 from Bashrat Bashir Rather and ₹5,500 from Abid Manzoor, bringing the total recovery to ₹33,000.
A senior police officer in Magam said further investigation is underway to determine the source of the counterfeit currency and whether the arrested individuals were part of a larger network. “We are probing how the notes reached them and whether more people are involved in the circulation racket,” the officer added.
The arrest of two students has raised concern among locals, who urged authorities to educate youth about the serious consequences of engaging in such illegal activities. Residents noted that the easy availability of fake currency not only harms the economy but also risks drawing impressionable youth into criminal networks.
Police have registered a case at Police Station Magam, and further questioning of the accused is in progress. Officials said strict action will be taken against anyone found guilty of spreading counterfeit currency in the district.
