Police bust counterfeit currency racket in Hyderabad, seize fake notes
Four people were arrested after authorities recovered fake Rs 500 notes worth Rs 6.78 crore during a joint operation.
The Abdullapurmet Police and Shadnagar Special Operations Team (SOT) busted a counterfeit currency racket in Hyderabad, according to ANI. The joint operation led to the arrest of four individuals and the recovery of fake Rs 500 notes with a total face value of Rs 6.78 crore.
The suspects, identified as Madupoju Karnakar, Chinnolla Manikya Reddy, Cherukupelly Rathnakar Reddy, and Karanam Ajay Kumar, were intercepted in a car near Ramoji Film City on National Highway 65 on November 1. Rediff reported that the group had rented a house in Kuntloor where they allegedly used software to scan and print the counterfeit notes.
During a vehicle check at Abdullapurmet, police recovered Rs 8 lakh in fake notes, an imitation pistol, walkie-talkies, mobile phones, and counterfeit police identity cards. A subsequent search of the rented premises yielded 134 bundles of fake notes worth Rs 6.7 crore along with printing equipment.
Rediff stated that the gang allegedly used fake police identities and vehicles with false number plates to threaten buyers and loot genuine money. The main accused reportedly learned the printing process through social media and YouTube videos.
Future City Commissioner of Police Tarun Joshi said that investigations are continuing to identify other people involved in the racket. Rediff added that three other individuals are currently absconding.