Fake currency racket busted; one held

With the arrest of one person, the North Zone police claimed to have busted a major fake currency racket operating in the city. Police seized counterfeit notes of Rs 500 with a face value of Rs 3.95 lakh besides a cell phone from his possession.

Acting on a tip-off, the sleuths apprehended the accused, Habeeb Shaik, 21, a native of West Bengal at Secunderabad Railway Station on Wednesday.

“Habeeb came in contact with one Ghouse of Talabkatta, Hyderabad, and promised him to provide fake currency from West Bengal and would exchange them in the city. He went to his native place and with the help of one Nazeeb managed to get fake currency notes at the rate of Rs 20,000 original Indian currency for every one lakh fake ones. Efforts are being made to nab Ghouse and Nazeeb, who are absconding,” the sleuths said.

The accused along with the seized currency was handed over to Gopalpuram police station for further investigation.