October 26, 2016 8:45 AM

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Fake cheque racket busted; Seven held for duping companies, banks

In Maharashtra, seven people of a gang were arrested for allegedly cheating 150 companies and several banks of lakhs of rupees by creating duplicate cheques and honouring them in fake accounts. Worli Police seized 550 cheques of 62 banks, 19 cheque books and 10 ATM cards from the accused. Police said, one Faizan Shaikh was the mastermind of the racket, which they have been running since the last three years, and was the Vice President of the so-called 'Human Rights Council of India.The incident came into light when a Worli-based prominent company's three cheques were returned by the Corporation Bank stating that these cheques worth nearly Rs 8 lakh had already been honoured. After collecting details from the bank, police started the investigation.

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