New Delhi, Feb 17 (IANS) With the arrest of one person here, the Central Bureau of Investigation (CBI) Wednesday claimed to have busted an international gang involved in printing, possession, circulation and use of counterfeit cheques, running into millions of dollars, in the name of various US-based banks.

'The gang has members in America and an Indian national in New Delhi, who developed a computerised printing unit for printing such counterfeit cheques by using the base papers coming from abroad and printing text received through e-mail from the accomplices abroad,' said an official statement here Wednesday.

The Indian national was arrested Tuesday.

'After printing such counterfeit cheques in the names of various US-based banks, they were forwarded to America on the addresses provided by the accomplices in the US, through various courier companies, while concealing their identity and whereabouts,' the statement added.

During the raid, the CBI seized counterfeit cheques having a face value of 300,000 US dollars. A large number of base paper sheets to be used for printing such counterfeit cheques have also been seized.

'The quantum of such cheques sent to the US in the past could reach several million dollars. Investigation revealed that the accused in India used to receive his share from the proceeds of crime through Western Union Money Transfer,' the statement said.

The CBI is conducting further investigations to identify various modules based in other countries, their linkages, modus operandi and the channel of money transfer.

'The US authorities are also being approached through the Interpol,' it said.