The Bengaluru police have arrested 10 people for allegedly orchestrating a “money-rain” ritual scam using demonetised ₹2,000 notes. The gang persuaded victims to hand over the withdrawn currency in exchange for promises of multiplied returns, claiming special series numbers or ritual power made the notes “lucky.” Authorities seized about ₹18 lakh in confiscated ₹2,000 denomination notes.
Tampered Notes and Ritual Promises
The scheme came to light after a complaint from the Reserve Bank of India (RBI) flagged tampered serial numbers and altered series codes of ₹2,000 notes being deposited. Investigators discovered that the accused had re-engaged demonetised notes—by altering serial numbers and series letters—and then encouraged individuals to join a pseudo-spiritual ritual where using those notes would multiply their money “a hundredfold.” Victims paid sums, hoping for a “rain” of wealth, only to be left defrauded.
Arrests, Equipment and Ongoing Investigation
The first arrests were made when one accused deposited altered notes with the RBI. Interrogation led to additional apprehensions across Bengaluru and even in neighbouring Andhra Pradesh. Police recovered equipment used for serial-number tampering, bundles of demonetised notes, and digital records. The arrested assert roles ranging from note-altering, recruitment of victims, ritual staging, and collection of funds. A female suspect remains at large, and central bank officials are assisting with forensic currency analysis.
Why the Scam Works and the Broader Concern
Financial crime experts say the operation exploited the psychological allure of “quick wealth” combined with ritualistic trust and misused currency norms. Demonetised notes had already lost legal tender status, but the scammers manufactured belief in their increased value through ritual hype. The case underscores how complex frauds now mix currency misuse, spiritual scams and tech-enabled alterations. Karnataka police warn citizens to verify offers promising unrealistic returns, especially when they involve old or withdrawn currency, and report suspicious activity promptly to local cyber-crime units.
