The National Investigation Agency (NIA) has busted an inter-state gang of cheats and nabbed its three members from Dholpur in Rajasthan, the agency said on Sunday.

The gang used to cheat people on the pretext of exchanging Fake Indian Currency Notes (FICN) or unbilled gold biscuits on attractive rates.

The NIA recovered 20 gold biscuits of 100 grams each from their possession and is conducting searches in Mumbai and Kolhapur (Maharashtra). The genuineness of the gold is also being verified.

“During the preliminary examination, it was revealed that an inter-state gang had been active since long in the states of Maharashtra, Rajasthan, Delhi and West Bengal. They lured people on the pretext of exchanging high-quality FICN or unbilled gold biscuits on attractive rates,” an official said.

“They either looted their targets directly or carried out fake police raids with the help of associates. The off-guard targets would leave their money behind and not even lodge police complaints,” he added.

While investigating a FICN-related case, the NIA had recovered fake currency of Rs 9,80,000 face value on March 31 last year from the possession of one Nasir Sheikh near the India-Bangladesh border.

He was arrested on the spot, though his associate from Bangladesh, Darul Sheikh alias Darul, managed to escape.

On Saturday, the agency received a “reliable input” that the same Bangladeshi absconder Darul Sheikh along with other associates was trying to strike a deal in fake currency at Dholpur.

The NIA teams swung into action and detained three suspects, Gagan Kumar Vyas alias Tiwari of Satara, Rashid Khan alias Biza of Thane and Iqbal Ahmad Ansari of Palghar, Maharashtra.

“All the above detained gang members along with seized 20 gold biscuits are being handed over to Dholpur police for initiating appropriate action,” the official said.