According to the police the racket was headed by a 31 year old who had studied only till the 9th grade in school.
The suspects had being carrying out the racket over a period of time before they were arrested today.
Investigations revealed that the suspects had distributed the money through their agents at various locations.
Most of the fake currency was said to have been distributed to Chinese restaurants and fuel sheds.
The police seized computers, a printer and printing paper as well as some fake currency notes during the raid today. (Colombo Gazette)