An OSINT investigation into the dangerous counterfeit network.
By Hariharan R, Cyber Researcher
This blog exposes the illegal trade of “second currency” in India, the duplicate notes designed to look like real ones. These fake notes are often made using advanced printing technology and sometimes parts from damaged genuine currency. Criminals promote them aggressively through social media platforms, WhatsApp, encrypted apps like Telegram, dark web forums, and word of mouth in local communities. They move the currency through hand delivery, courier services under false labels, trusted carriers, and hidden compartments in vehicles. Malkapur in Maharashtra has emerged as a key hub where many of these transactions take place. The duplicate notes are widely used for election bribes, gambling, money-doubling schemes, and other illegal trades. Many people fall victim to scams, such as advance payment fraud, location-based robberies, or police sting operations. The root causes include greed, the lure of quick money, lack of awareness, and the presence of organized criminal networks. This trade causes serious harm to the economy and fuels further illegal activities. The blog concludes with prevention steps for both citizens and the government, along with proof from real social media posts and WhatsApp chats to support the investigation.
In recent years, a dangerous and illegal activity has been spreading silently across India: the trade of “second currency.” The second currency is duplicate or fake notes made to look almost identical to genuine Indian currency. These notes are not legal tender and are completely prohibited under Indian law.
The production of such notes is carried out by organized criminal groups using advanced printing presses, high-quality scanners, and special inks to match the look and feel of genuine notes. These fake notes are designed to trick ordinary people, small shopkeepers, and even inexperienced bank employees.
In India, dealing in fake currency is a serious offence under Sections 178 to 182 of the Bharatiya Nyaya Sanhita (BNS).
BNS Sec-178: Counterfeiting coins, Government stamps, currency-notes or bank notes, shall be punished with imprisonment for life, or with imprisonment of either description for a term which may extend to ten years, and shall also be liable to fine.
BNS Sec-179: Using as genuine, forged, or counterfeit coin, Government stamp, currency notes or bank notes, shall be punished with imprisonment for life, or with imprisonment of either description for a term which may extend to ten years, and shall also be liable to fine.
BNS Sec-180: Possession of forged or counterfeit coins, Government stamps, currency-notes or bank notes, shall be punished with imprisonment of either description for a term which may extend to seven years, or with fine, or with both.
BNS Sec-181: Making or possessing instruments or materials for forging or counterfeiting coin, Government stamp, currency-notes or bank notes, shall be punished with imprisonment for life, or with imprisonment of either description for a term which may extend to ten years, and shall also be liable to fine.
BNS Sec-182: Making or using documents resembling currency notes or bank notes (fine only).
While it may sound like a small-scale crime, the truth is that second currency circulation harms the entire country’s economy, increases inflation, and funds other criminal activities. It is not just a financial crime; it is a threat to national security.
Criminals are becoming more creative in how they advertise and sell fake currency. They use both open and hidden channels to find buyers while trying to avoid detection from law enforcement agencies.
Description: Screenshots of the second currency promotion on social media and other websites.
Once the fake notes are produced, they need to be moved across cities and states. The transportation is done in ways that reduce the risk of interception by police.
In every case, sellers prefer to give money directly into the buyer’s hands, so there is no traceable banking record.
Description: Screenshots of the WhatsApp conversation.
The people running second currency operations take several precautions to hide their identities and avoid being traced. Most of them avoid sending plain text messages that could be easily screenshotted or forwarded. Instead, they rely on voice notes and WhatsApp calls, believing these leave fewer records and make it harder for authorities to collect proof. If a potential buyer does not respond for a while, they often become suspicious and immediately delete past messages to erase any digital trail. Many also use disappearing messages on WhatsApp so that chats automatically vanish after a short time. In some cases, they insist on live voice communication only, avoiding any form of written conversation. These methods are all aimed at making it difficult for law enforcement agencies or victims to gather concrete evidence against them.
Interestingly, audio evidence collected during this investigation reveals that some of these fraudsters do not even know how to read or type messages properly. They rely entirely on voice communication, which they believe keeps them safe from being traced or caught.
Description: Screenshots of the WhatsApp conversation.
Audio: Voice Messages
During this investigation, a list of profiles was collected that are consistently posting and promoting second currency deals on platforms like Facebook, Instagram, and YouTube. These accounts often post photos and videos of bulk cash, include WhatsApp numbers in captions, and use hashtags related to “money doubling” or “currency deals.” Many of these profiles operate under fake names and frequently change their profile pictures to avoid detection. Some also create backup accounts so they can continue operations if their main account gets reported or banned.
Description: Screenshots of sample Instagram accounts. 
Description: Screenshots of sample Facebook groups.
Note: Like Facebook and Instagram, YouTube and other social media platforms also have many profiles.
During the investigation, a text message was received from Malkapur, Maharashtra, clearly detailing an offer. The message, written in Hindi, began by stating that English could not be read, so the deal was explained in simple terms. The offer promised ₹1 lakh in genuine currency in exchange for ₹10 lakh in fake notes. It was claimed that these duplicate notes could be deposited in ATMs, accepted in banks, and were already being used in markets across India.
Description: Screenshot of the WhatsApp conversation.
To build trust, the message invited the buyer to visit Malkapur in person, where a trial batch worth ₹2–4 lakh would be provided to test in ATMs or local markets. Only after confirming that the fake notes worked would the full quantity be given. This exchange highlights Malkapur as a key operational hub and shows confidence in promoting counterfeit currency for use in legitimate financial systems.
The reason fake currency is so dangerous is that it often ends up funding activities that harm both individuals and the nation.
The deal is usually pitched like this: “Give ₹1 lakh in real notes and get ₹7–10 lakh in fake notes instantly.” The temptation for quick money pulls many people into this illegal game. These are the possibilities we assume based on observed patterns.
While the promise of quick wealth is attractive, many people who get involved in a second currency trade end up losing everything.
Several factors fuel the growth of the second currency:
According to the National Crime Records Bureau (NCRB), thousands of fake currency cases are registered in India each year, with many linked to domestic printing as well as smuggling from neighboring countries.
As Citizens:
For the Government:
Getting involved with “second currency” is not just risky, but a direct invitation to destroy your future. These fake notes may seem like a quick path to easy money, but they carry consequences far more dangerous than the profit they promise. Once you touch counterfeit currency, you’re committing a serious crime under Indian law, punishable with up to life imprisonment under Sections 178-182 of the Bharatiya Nyaya Sanhita (BNS). Police crackdowns are increasing, and digital surveillance makes it easier than ever for investigators to trace contacts, calls, and messages linked to such deals.
Even if you think you can get away with it, remember: one wrong move, one fake note caught in your hand or deposited into a bank, and your name, face, and life will be tied to a criminal case forever. You could lose your job, your reputation, your freedom, and everything you’ve worked for, all for a few pieces of worthless paper.
And if you’re thinking, “I’ll just try once”, know that many victims have never even seen the fake notes and yet are being scammed out of their real money and left humiliated, broke, and under police watch. This is not a harmless trick. It’s a trap designed to take your money, your trust, and possibly your freedom.
Don’t risk your future for greed. If someone approaches you with such an offer, walk away immediately and report it to the authorities. No ‘deal’ is worth a prison sentence.