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 resulted in 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 a vehicle check at Abdullapurmet also led to the recovery of counterfeit police identity cards, an imitation pistol, walkie-talkies, and four mobile phones.
Rediff stated that the group allegedly used a rented house in Kuntloor to scan genuine currency and print fake notes using software. The main accused reportedly learned the process through social media and YouTube videos. The gang allegedly posed as police officers to threaten buyers and loot genuine money.
During a search of the rented premises, police recovered 134 bundles of fake notes worth Rs 6.7 crore along with printing equipment, Rediff reported.
Future City Commissioner of Police Tarun Joshi said that investigations are continuing to find other people involved in the racket. Rediff added that three other individuals are currently absconding.