Nagpur (Maharashtra), Jan 15 (IANS): In a multi-state operation, the Directorate of Revenue Intelligence (DRI) has seized Fake Indian Currency Notes (FICN) smuggled from Bangladesh with a face value of Rs 18.75 lakh, an official said on Wednesday.

The DRI's Mumbai Zonal Unit (MZU) has nabbed a suspect, Lalu Khan, and is now investigating a suspected global fake currency racket with an international syndicate based in Bangladesh.

Some more suspects have been identified and they are likely to be picked up soon in the operation carried out on January 13, said the official.

Following a tip-off, the DRI Nagpur mounted the operation in Maharashtra, Madhya Pradesh and West Bengal to effect the seizure in which they recovered 386 notes of Rs 2000 denomination and 1,191 notes of Rs 500.

This is the fourth major seizure of FICN by the MZU after three years when other similar successful operations carried out in 2017, months after the demonetization of Nov. 8, 2016.

Earlier, in August 2017, the DRI had arrested a person and seized Rs 6.98 lakh FICN from Mumbra town in Thane, in September, it seized Rs 7.36 lakh FICN and nabbed two persons from Navi Mumbai and in October, four persons were arrested from Bandra Kurla Complex (Mumbai) with the seizure of Rs 20.57 lakh FICN.

The DRI said that possession of such fake currency is a serious punishable crime and after amendments to the Unlawful Activities (Prevention) Act, the authorities can classify offences involving high-value FICN as "terror acts."

The investigating agency is currently spearheading efforts to eradicate cross-border smuggling of FICN, said the official.