Fake Investment Racket Busted In Belagavi; Two Maharashtra Cops Among Seven Held
SP Ramarajan said the accused painted black colour on Rs 500 notes and white blank sheets and asked victims to wash the latter at home.
Published : March 17, 2026 at 5:10 PM IST
Belagavi: Seven people, including two constables from Maharashtra, were arrested for their involvement in a racket that was defrauding people with the lure of a four-time investment return in the Gokak city of Karnataka's Belagavi, police said on Tuesday.
Following a tip-off, a raid was conducted by the police at a house near the Hanuman temple in the Srinagar area, which led to the arrest. The accused were luring people with the promise of a four-time return of their investment by printing currency notes, investigation has revealed.
The arrested have been identified as Jayashree Kamble, Manisha Gaikwad, Ujjwala Bilane, Dildar Sheikh, Anant Nalawade, Parashuram Badkari and Imran Junedi. Narwade is a constable of Thane city police station in Maharashtra, while Dildar is the head constable of the crime branch unit. Mehboob Desai, another accused, is yet to be arrested, police said.
Belagavi Superintendent of Police K Ramarajan said the accused were trying to cheat people by taking genuine money from them with the promise of a four-time return. "They painted black colour on Rs 500 notes and white blank sheets and heated them in a machine. After some time, they washed the Rs 500 notes with white powder and told people to wash the remaining blank sheets at home. This was how they collected the original money from people. Further investigation has been initiated," he added.
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