India, Feb. 22 -- In a joint operation, the Mumbai unit of the Directorate of Revenue Intelligence (DRI) and Mumbai police busted a counterfeit currency printing unit in Vikhroli West, leading to the seizure of fake notes worth Rs.1,800 and the arrest of the man behind the illicit operation.

The accused, Kulbir Wad, a music teacher and stock trader, was handed over to the Parksite police by the DRI.

The police thereafter arrested him. According to officials, Wad allegedly admitted to setting up the counterfeit currency unit after incurring losses in the stock market.

"The accused resides in the city with his family. He is a musician, gives private music lessons, and is also involved in stock trading. After facing financial setbacks, he...