Cuttack: In a major crackdown, police have busted a counterfeit currency note racket in the Jagatpur area of Cuttack and detained a person in this connection.

As per reports, the accused had plans to release fake currency notes into the market during the Dussehra festival. Small businesses and street vendors, particularly those setting up temporary stalls for the festival, were the main targets of the counterfeiters.

According to police, individuals posing as real estate agents were luring people into the fake currency note business. A team of police acted swiftly upon receiving information and arrested one person from the scene. Jagatpur police have taken the suspect into custody for questioning.

The arrested person had introduced himself as a builder and promised a local to help purchase land, for which he had taken an advance payment of ₹1.6 lakh. When the land deal failed to materialize, the victim repeatedly asked for his money back. The suspect then invited the victim to a hotel, offering to settle the amount. Instead of returning the money, he attempted to convince the victim to join the counterfeit currency note business, showcasing fake notes as samples.

During the meeting, the suspect demonstrated that by investing ₹2.5 lakh, the victim could receive ₹1 crore in counterfeit notes. Sensing foul play, the victim alerted the police.

Acting on the information, police arrested a man, identified as Nirmal Dehuri of Bantala area in Angul, while the mastermind behind the operation, Rahas Nayak, managed to escape.

Police recovered several counterfeit currency notes, along with materials like liquid and papers used in producing the fake currency notes.

The investigation is ongoing to apprehend others involved in the offence, a police official said.