Ahmedabad: The City Crime Branch has arrested another accused in connection with a counterfeit currency racket in which fake notes with a face value of ₹2.38 crore were seized from Ahmedabad and Surat.

The racket involved the printing and circulation of counterfeit ₹500 notes. The latest accused, Bhavesh Gajera, was apprehended as part of the ongoing investigation into the case registered on March 18. Earlier, police had arrested seven persons, including a woman, from Amraiwadi while they were allegedly transporting fake ₹500 notes worth ₹2.1 crore in an SUV.

Officials said Gajera was actively involved in the conspiracy from its initial stages. Investigations revealed that he was present during the planning and printing of counterfeit currency and had provided financial assistance for procuring machinery and raw materials.

Police further stated that Gajera played a key role in circulating the fake notes and had already pushed counterfeit currency worth around ₹20 lakh into the market earlier this year along with other accused.

He was produced before a court, which remanded him to six days in police custody for further interrogation.

The probe has also revealed that the accused had planned to route the counterfeit currency through land deals and cash transactions where verification is minimal. They intended to use the fake money at social and religious events to avoid suspicion and expand their influence.

Earlier raids in Surat led to the seizure of machinery used for printing counterfeit notes, including printers, cutting equipment, and digital devices. Police suspect the racket had been operational for several months and involved multiple individuals across cities.

Three mobile phones have been recovered from the accused. Officials said further investigation is underway to trace the wider network, identify other suspects, and track the circulation of counterfeit currency already in the market.