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In a major crackdown ahead of Diwali, the Special Operations Group (SOG) seized counterfeit currency valued at Rs 43 lakh from a flat in Jaipur’s Narayan Vihar area, officials said on Saturday, October 18. The operation, based on intelligence developed over 15 days, led to the arrest of two suspects found with fake Rs 500 notes, reported by IANS.

Additional Director General (ADG) SOG V K Singh said the raid was carried out jointly with Narayan Vihar Police on Friday evening. “Such activities tend to rise during the festive season, which is why surveillance was intensified,” Singh said.

The seized material included Rs 26 lakh in finished counterfeit notes and another Rs 17 lakh in uncut printed sheets - indicating that the notes were being produced locally and some were still in preparation.

Officials were alarmed by the sophistication of the fake currency, which reportedly carried watermarks and embossing - security features typically found in genuine Rs 500 notes. Investigators believe this points to a highly organised network using advanced printing technology.

“The quality of printing is unusually refined, suggesting access to professional-grade equipment,” an officer said.

During interrogation, the arrested men told police that the fake notes were being sold at a 4:1 ratio - Rs 4 lakh in counterfeit currency for Rs 1 lakh in genuine money. This pricing structure, officials said, shows the scale of the racket and the ease with which fake notes could enter circulation during high-cash transactions around the festive season.

Investigations have revealed that uncut counterfeit sheets were likely brought in from another state for distribution across Rajasthan and possibly other regions. A key figure in the operation is believed to be a criminal based in Bikaner who allegedly managed the distribution network, officials said.

Police have launched coordinated raids in multiple locations to trace others involved in the racket and identify the source of the printing material. The case is now being investigated by the South District Police.

Officials described the bust as a “significant breakthrough” in efforts to curb the circulation of fake currency during the festive season, when large cash transactions are common.

Authorities have noted a recent uptick in counterfeit currency cases across north India, especially around major festivals. Investigators believe organised syndicates are exploiting the festive rush and increased demand for cash.

The SOG said it has intensified monitoring across Jaipur and other districts, with teams coordinating closely with banks and currency-handling agencies to identify suspicious transactions.

Officials said that sustained vigilance and inter-state coordination would be critical in dismantling networks that print and circulate fake notes.

Ankit Kumar is a Senior Sub Editor at Zee Business. He covers international affairs, politics, climate change, business, finance and global elections. With experience acros