Make in India awardee Abhinav Verma, who is an engineer was arrested with fake Rs 2000 notes which he was printing with a motive to deceive people who are looking to exchange demonetized currency.
His innovation was appreciated by Prime Minister Narendra Modi at Indian Science Congress last year.
He has been arrested with his cousin Vishakha Verma and a property dealer Suman Nagpal in Mohali.
They were charging 30 percent commission for the exchange.
Mohali Superintendent of Police (City) Parminder Singh said the fake currency was recovered on Wednesday from a brand new luxury Audi SUV the trio were using. The vehicle had a red beacon — allowed only for VVIPs — on it.
The police have been conducting raids to find out two more members of the gang.
Parminder Singh said, “The currency given by the gang (to their customers) even after charging commission was fake”.
“Abhinav is an engineering graduate who is into manufacturing sensors to be installed in the sticks for visually handicapped. His office is in Chandigarh and they used to print the fake currency of Rs 2,000 denomination at his office only.”