BoM Pimpri branch suffered loss of Rs 31,600 due to fake notes

The Pimpri branch of Bank of Maharasthtra (BoM) has received fake currency notes of Rs 1,000, Rs 500 and Rs 50 denominations in the last ten months due to which it has suffered a loss of Rs 31,600. The senior manager of the bank, Bhalchandra Bhivaji Avhad has lodged a case under Section 489B of Indian Penal Code with the Pimpri police station. The police has started investigation.

Senior manager-in-charge of the bank, Avhad while describing the whole incidence said, “We have been given special powers by the Reserve Bank of India, Belapur branch in Mumbai, to accept remittance from all branches of the Bank of Maharshtra in Pimpri-Chinchwad and other rural areas. A total of 45 branches fall under our jurisdiction.

We counted all the cash that was deposited from December 16, 2009 till May 5. During this process, we also segregate the soiled, torn notes and also check for the counterfeits.

It was during this counting that we noticed the fake notes. We have found 12 notes of Rs 1000, 39 notes of Rs 500 and two notes of Rs 50, the total amounts to Rs 31,600.

All the notes had come from different branches and so it was difficult to point out from where the notes came. So we approached the police and lodged the complaint. We have also provided the police with the fake notes.”

Police sub inspector K D Kate of Pimpri police station said, “The complaint has been lodged on Tuesday. We have confiscated the notes which will be now sent for analysis.

We are also using our informer’s network to get some clue. We are probing the possibility of the involvement of gangs which had been arrested in similar cases earlier. The investigation is on.”

IPC Section 489B deals with “using as genuine, forged or counterfeit currency-notes or bank-notes.” It states that “whoever sells to, or buys or receives from, any other person, or otherwise traffics in or uses as genuine, any forged or counterfeit currency-note or bank-note, knowing or having reason to believe the same to be forged or counterfeit, shall be punished with [imprisonment for life, or with imprisonment of either description for a term which may extend to ten years, and shall also be liable to fine.”