Shajahan, 43, Mahesh Prasad, 40, and Mohd. Nisar, 38, were arrested Saturday when they went to deliver the consignment to a contact.
Shajahan earlier used to work as a butcher and recently started circulation of FICN to make easy money. Prasad runs a grocery shop in Bihar while Nisar is a vendor but both joined the gang to make a quick buck.
A police officer said the kingpin of the gang is based in East Champaran of Bihar. He brings FICN from Nepal through the porous Indo-Nepal border and circulates it in various parts of the country through his agents.
“These fake notes are smuggled from Pakistan to Nepal and then to India through the porous Indo-Nepal border. The local receiver of FICN has been identified and investigation is in progress,” said Additional Commissioner of Police (Crime Branch) Ravindra Yadav.
The officer said the printing of FICN takes place in Pakistan and one Iqbal Kana manages its circulation.
“The FICNs are smuggled from Pakistan to Bangladesh, Nepal and other countries bordering India,” he said.
“The value of FICN of Rs.1,000 denomination starts from Rs.200 in Pakistan. On reaching Nepal and Bangladesh, its value becomes Rs.400. In India, its cost becomes Rs.500 and in the NCR (National Capital Region), it becomes Rs.700,” said the officer.
“The ink of these FICNs is procured from sophisticated suppliers. The profits derived out of FICN is used to fund anti-state activities like terrorism and narcotics trade.”