Counterfeit currency racket busted, two held
Hyderabad, May 13 (INN): Task Force sleuths on Friday nabbed two persons and seized 164 fake Indian currency notes of Rs 500 denomination, which all together worth to Rs 82,000 and incriminating material from their possession.
According to Inspector S Mohan Kumar, the accused persons have been identified as Syed Azam (19) and Mohammed Younus (32).
The police had earlier arrested Younus on a tip-off. Based on the confession of the Younus, police raid at a house in Badangpet village and apprehended another accused Azam and seized one computer system, Rs 82, 000 and other incriminating material from him.
During enquiry, it is found that the accused Syed Azam along with his nephew Mohammed Salman was previously arrested in counterfeit currency case in the month of December, 2010, by Tappachabutra Police.
During the remand period at Cherlapally Jail Syed Azam got acquainted with Younus for involving in a murder case of his friend Mohammed Osman at Balapur, in some financial issue. They developed good rapport with each other and used to share their family and financial matters to each other.
After releasing from jail due to financial crisis, they started indulging in printing of counterfeit currency at a rented room in order to earn easy money.
Thereafter, both of them searched for reliable parties/clients and bring them to Azam and they both negotiate with them and give the fake currency in the rate of 1:4. The arrested accused and seized property handed over to Station House Officer, Falaknuma police station for further investigation.
News Posted: 13 May, 2011
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