The arrested have been identified as Shafiullah Shaikh (46), Lal Babu Tayyeb Shaikh (30), Raja Sabir Shaikh (26), Mohammed Mustafa Shaikh and Abu Faiz Shaikh (24). They were arrested by Unit 2 of the Crime Branch and have been remanded to police custody till February 25.

According to the police, Shafiullah works as a hawker selling handkerchiefs and toys at Masjid Bundar. Fake currency worth Rs 2,16,500 was recovered from him. Lal Babu is a tailor in Nagpada’s Kazipura area and fake notes worth Rs 40,000 were recovered from him. The kingpin of the racket has been identified as Raja, who hails from Kolkata. The officials recovered fake currency worth Rs one lakh from him. Mustafa works as a hawker outside Sealdah station in Kolkata and notes worth Rs 30,000 were recovered from him. Abu Faiz has a garment shop in Bihar’s Muzzafarpur.

“Raja, the kingpin, used to get fake notes from Bangladesh. He would pay Rs 80,000 in genuine notes and receive fake notes worth Rs 2.4 lakh in return. He used to recruit hawkers to circulate the notes. It was Raja who brought Mustafa and Abu Faiz to the city,” said Joint Commissioner of Police (Crime) Rakesh Maria.