Ahmedabad court rejects bail in ₹2.2 crore counterfeit currency racket

An Ahmedabad Sessions Court has denied bail to an NGO head allegedly involved in a massive counterfeit currency syndicate that sought to "hollow out" the Indian economy.

The court rejected the application of Pradip Jotangiya, citing the extreme gravity of the offence and the ongoing nature of the investigation.

The case dates back to March 18, 2026, when authorities intercepted a car near Metro Pillar 29-30 in the Amraiwadi area. During the search, police recovered a staggering 44,053 counterfeit notes of ₹500 denomination, totalling an estimated face value of ₹2.20 crore preliminary examinations by FSL officers at the scene confirmed the currency was fake.

The prosecution detailed a sophisticated conspiracy hatched in November 2025. The accused reportedly set up a mini-mint at a residence in Surat, equipped with laptops, printers, and cutting machines to produce high-quality fakes. The group intended to circulate these notes into the mainstream economy to gain illegal profits.

Counsel for Jotangiya argued that the applicant was merely a passenger in the vehicle and a victim of circumstance, asserting his reputation as a social worker running the ‘Satyam Yog Foundation Ashram’. However, the court found the prosecution's evidence regarding his specific role and the massive quantity of seized material sufficient to deny his release.  

The court noted that the offence represents a direct attack on the nation's financial stability. With the investigation still active and a chargesheet yet to be filed, the court held that releasing the accused could hamper efforts to trace other suspects linked to the syndicate.