Today, On 18th June, The Supreme Court denied bail to a Bulgarian man accused in a counterfeit currency case, calling it a serious offence. The bench said, “Such acts eat away vitals of economy and damage national financial stability.”
New Delhi: The Supreme Court on Wednesday denied a bail application of Bulgarian national Ruslan Petrov Metodiev, who is accused of operating a counterfeit currency syndicate in the national capital.
The court emphasized that such activities “eat away the vitals of the economy.”
Metodiev was apprehended on June 21, 2023, following a raid based on specific intelligence suggesting he was distributing Fake Indian Currency Notes (FICN). Authorities intercepted him in Delhi and allegedly seized Rs 8 lakh in counterfeit Rs 500 notes from him.
A bench consisting of Justices Sandeep Mehta and Prasanna B Varale rejected his bail plea, stating,
“This is not a fit case for grant of bail.”
The court highlighted the seriousness of the charges, noting that Metodiev was caught with a substantial amount of FICN.
Previously, on March 12, the Delhi High Court also dismissed Metodiev’s bail request, emphasizing the gravity of his offenses and their potential to destabilize the national economy, which outweighed any arguments in favor of his release.
Also Read: “Fake Currency Poses National Security Threat, Cases Needs Stern Action”: Delhi HC
The FIR was filed by the Special Cell of Delhi Police in 2023, and during the investigation, a search of his Gurugram residence uncovered a comprehensive counterfeiting operation.
Items seized included printers, laptops, tracing paper, inks, cutting tools, and nearly finished counterfeit currency. The high court found prima facie evidence linking Metodiev to a larger counterfeiting scheme, stating that the prosecution’s case was supported by digital and forensic evidence, particularly a video file recovered from his SSD.
The high court noted,
“The prosecution’s case is not solely based on the recovery of FICN from the applicant but is further substantiated by other material seized during the investigation from his residence, including digital devices, printers and raw materials used for counterfeiting, indicating that the applicant’s alleged activities were part of an ongoing operation,”
Also Read: “Criminals Are Made, Not Born”: Supreme Court
Forensic analysis of the materials, laptops, and phones retrieved from his home indicated that he had conducted numerous online searches regarding counterfeit currency production techniques and materials.
The court added,
“The applicant is a foreign national and his passport has already expired. While he has applied for renewal, its status remains pending. Given the serious nature of the allegations against him and the potential for a lengthy sentence if convicted, there exists a strong possibility that the applicant may abscond if released on bail.”
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