The special task force (STF) of the state police arrested a person accused of peddling fake Indian currency notes (FICN) and confiscated fake Indian notes of Rs 1.95 lakh face value from him on Monday.

The fake notes, sources said, were of 500-rupee-denominations.

Ramnaresh Singh, 55, from Palamau in Jharkhand, was arrested from Jalalpur bus stand under Kaliachak police station. He was standing there after collecting the FICN from Sudip Sarkar, a resident of Golapganj, an area in Malda district.

“He admitted that he paid Rs 80,000 to buy those FICN which were to be circulated in the market by a racket,” said an STFofficer.

The police have also found that Singh was engaged by two persons in Palamau to act as an agent for fake cash.

“We are examining his statements and searching for the other members of the racket. A case has been filed in Kaliachak police station,” the officer added.