Mohammad Sarfaroz, alias Yaqub, had pushed fake currency notes of more than Rs 100 crore into several cities across the country in the past three years, police said on Sunday.
The Special Task Force of the city police, which arrested Yaqub in the port area on Saturday with fake notes amounting Rs 10 lakh, said the accused was a director of a Dhaka-based cooperative bank.
“He has strong links with ISI agents, who used to supply fake notes to him. Yaqub pushed the notes into various cities in India,” said an officer.
Yaqub has an apartment in Karachi and visited the place a number of times, the officer added.
Special inspector-general Rajeev Kumar said: “Yaqub used to get 20 per cent of the value of the fake currency notes in original Indian currency.” His agents are said to be spread across Delhi, Mumbai, Bangalore and Calcutta.