The Supreme Court on Wednesday refused to grant bail to Bulgarian national Ruslan Petrov Metodiev, who stands accused of orchestrating a large-scale counterfeit currency racket in the national capital, observing that such offences threaten the integrity of the country’s financial system.
A bench of Justices Sandeep Mehta and Prasanna B. Varale, while dismissing the bail plea, remarked, “Such acts eat away the vitals of the economy,” underscoring the seriousness of the charges against Metodiev, who was allegedly caught with Rs 8 lakh in fake Rs 500 notes.
Metodiev was arrested by the Delhi Police Special Cell on June 21, 2023, following specific intelligence inputs regarding the circulation of Fake Indian Currency Notes (FICN). A raid led to his interception in Delhi and the subsequent recovery of counterfeit notes. Further investigation led authorities to his Gurugram residence, where a full-fledged counterfeiting setup was unearthed.
According to the police, seized items from his home included printers, tracing paper, inks, cutting tools, digital devices, and nearly-finished fake currency. Forensic examination revealed multiple online searches related to counterfeiting methods and materials, strengthening the case against him.
The Delhi High Court had earlier rejected Metodiev’s regular bail plea on March 12, stating that the gravity of the offences, their potential to destabilise the national economy, and the digital and forensic evidence pointed to a larger criminal conspiracy. The high court had also noted the presence of a video file recovered from his SSD that corroborated the prosecution’s claims.
The Supreme Court took note of Metodiev’s expired passport and the possibility of flight risk, observing that as a foreign national facing serious allegations and a potentially lengthy prison term, there was a high likelihood of absconding if granted bail.
“This is not a fit case for grant of bail,” the bench concluded, affirming the findings of the Delhi High Court and refusing any relief to the accused.
