The CBI has busted an international gang allegedly involved in printing, circulation and use of counterfeit cheques having a face value of millions of US dollars and arrested one person in this connection. <br/><br/>During the searches conducted late last night at the residence of Hemant Reddy, an alleged gang member, the CBI team recovered counterfeit cheques having a face value of 3 Lakh US dollars from his residence.<br/><br/>Official sources said in New Delhi that the investigations reveal that the gang involved members from USA and India and had a computerised printing unit for developing such counterfeit cheques using base papers coming from abroad. The text used for printing the cheques was sent from accomplices from abroad through emails. <br/><br/>After printing such counterfeit cheques in the names of various US based banks, these were being forwarded to USA on various addresses provided by their accomplices through courier services, while concealing their identity and whereabouts. <br/><br/>The US authorities had sought help of the CBI, which apprehended one of the accused on January 30 while attempting to send a consignment of 158 counterfeit MoneyGram money orders.