Fake currency racket busted, five arrested
The Chatrinaka police claimed to have busted a major fake cur- rency racket operating in the city on Sunday. Police arrested five persons and seized counterfeit notes in denomination of Rs 500 with a face value of Rs 1.54 lakh, four cell phones and a Rs 38,010 cash from them.
Hyderabad: The Chatrinaka police claimed to have busted a major fake currency racket operating in the city on Sunday. Police arrested five persons and seized counterfeit notes in denomination of Rs 500 with a face value of Rs 1.54 lakh, four cell phones and a Rs 38,010 cash from them.
Acting on a tip-off, the po- lice apprehended Govind Kumar Singh, 21, of Man- galhat, Koyale Namdev, 20, of Mangalhat, Mane Di- nesh, 20, of Kishanbagh, Ganesh Irlewad, 20, of Koti and a juvenile on Sunday near parking place at Falaknuma Railway station. On interrogation, it was revealed that Govind, the prime accused, a native of Uttar Pradesh, procured the counterfeit currency from a person at New Farakka in West Bengal on 1:2 ratio basis with original currency.
The gang mem- bers used to exchange the counterfeit currency in the busy shopping areas at Koti, Charminar area, Se- cunderabad, etc. For every Rs 500 counterfeit note cir- culated, Rs 400 original currency was to be given back by the members com- prising Namdev, Dinesh and Ganesh- to Govind, ACP (Falaknuma) M A Bari said.
Govind was arrested earlier by Gopalpuram po- lice in 2014 for possessing counterfeit currency and was sent to jail where he met Namdev and planned to circulate fake currency. “Govind used to run ice cream stalls at Ameepet. In a bid to earn fast buck, he got into fake currency racket at the instance of Amarjith Singh of Erragadda. The ACP further added that efforts were being made to identify the source of printing and circulation of fake Indian currency.
