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Fake currency racket busted; 13 ARRESTED
The city police took 13 persons into custody for flooding the city markets with counterfeit currency on Friday. The police seized Rs 8 lakh-worth fake currency notes, Rs 50,000 cash, 16 mobile phones and three bikes from them. The accused were produced before the media on Saturday.
Vijayawada: The city police took 13 persons into custody for flooding the city markets with counterfeit currency on Friday. The police seized Rs 8 lakh-worth fake currency notes, Rs 50,000 cash, 16 mobile phones and three bikes from them. The accused were produced before the media on Saturday.
Addressing a news conference here on Saturday, DCP L K V Ranga Rao said that the One Town police had been on a hunt to nab gangs which were circulating fake currency in the city.
The police found four youths suspicious at the local railway station on Friday and were questioned. Upon enquiring, the police found that the persons in their custody were related to fake currency racket, the DCP added.
Akula Venkata Durga Seshu Babu (54), who was held at the railway station, had to relinquish his job in the Railways due to his misconduct in the service in 2012. He then lured many aspirants who were looking for a job in railways and cheated them. This ended up him in the jail. It was here he met Nagendra of Hyderabad who was serving a sentence for circulating fake currency.
After couple of interactions with Seshu, Nagendra introduced Seshu to his friend Satyanarayana Reddy, who was also involved in counterfeit currency racket. They told him about one Mohammed of West Bengal who was indulged in smuggling fake Indian currency notes from Pakistan and Bangladesh.
Seshu lapped up the idea of joining the racket when he was offered 50 per cent commission from their total income, the DCP said.
Seshu, in turn, lured his other friends to help him circulate the fake currency in the city by striking a deal to offer 30 per cent share of their total income. The other accused are: Ch Nandanlal Bose (51), Sk Khalesha (33), S Srinivasa Rao (50), M Kishore Babu (28), B Siva Prasad (29) from Vijayawada, and Gogineni Ravi Kuamr (52) of Hyderabad, K Ravi Kuamr (29) of East Godavari district, N Srinivasa Rao (32), N Rajendra Prasad (26) and B Venkata Durga Prasad (20).
Saddam Hussain and Hassan Ali, both 24-year old, of West Bengal was bringing the fake currency to deliver it to Seshu and his friend Srinivasa Rao at the local railway station for an exchange of Rs 50,000, the DCP said.
