Vadodara: A counterfeit currency racket involving students of Parul University has been busted after 20 fake ₹500 notes were detected in a cash deposit machine (CDM) at an HDFC Bank branch on Waghodia Road, police said.

Following the recovery of the fake notes from the CDM, police uncovered a wider network and arrested six accused, five of them students of Parul University in Vadodara. A total of 85 fake ₹500 notes, along with cash, a vehicle, and other items worth ₹11.89 lakh, have been seized so far.

The case came to light on April 28 after the fake notes were deposited in the bank’s cash deposit machine. A formal complaint was registered on April 30 at the DCB (Crime Branch) police station, and the probe was handed over to the Vadodara Special Operations Group (SOG).

During the investigation, SOG teams traced the first accused, Sagar Rameshbhai Maru, from whose possession cash worth ₹2.18 lakh was recovered. His interrogation led police to Nisarg Patel, from whom 35 fake ₹500 notes were seized. Further questioning revealed the involvement of Dhanush Hallikeri, who was found with 50 counterfeit notes. Subsequently, Bhavesh Sharma and Tirth Likhiya were also arrested for their role in the racket.

Police said the accused sourced the fake currency from Rajasthan. Acting on leads, a team reached Rajasthan and arrested Akshay Goyal on May 4, while the main supplier, Manohar alias Munna Gujjar, is currently absconding.

Investigators revealed that one of the accused was inspired to start the counterfeit operation after watching a social media reel related to the arrest of Surat-based Pradeep Guruji. The accused then connected with others through social media and developed the network.

According to police, the group operated on a scheme of exchanging ₹10,000 in genuine currency for ₹20,000 in fake notes, aiming to circulate counterfeit currency in the market.

Authorities said all the accused come from financially well-off families engaged in business and trade. They have been produced before a court, and further investigation is underway to trace the source of the counterfeit notes and the absconding accused. DeshGujarat