Fake currency racket busted, three held
Hyderabad, Nov 6 (INN): The North Zone team of Commissioner's Task Force on Tuesday arrested three persons who were allegedly involved in the printing and circulation of counterfeit currency notes of various denominations.
According to Additional DCP P Rameshaiah, the arrested accused - Vadla Prabhu Chary, Syed Chand Pasha and Kammari Raju, all natives of Medak district, were arrested near Tivoli Theater at Secunderabad when they came along with fake currency notes of Rs 6.5 lakh to deliver to a party.
During interrogation, it was revealed that the main accused Prabhu Chary, started printing fake currency of notes of Rs 1000, Rs 500 and Rs 100 denominations to clear his debts that he incurred by paying huge fines imposed upon him for illegally purchasing timber from tribals.
Later, Prabhu hired Chand Pasha to circulate the fake currency. Initially, Chand circulated Rs 100 fake notes at couple of outlets. Prabhu's relative Raju too began circulating the fake notes.
About a week ago, Chand Pasha brought one party, who demanded Rs 10 lakh fake currency in 1:2 ratio. Then Prabhu Chary prepared Rs 6.5 lakh fake currency and came to Hyderabad along with Chand Pasha and Raju for giving delivery.
On credible information, the North Zone team of Commissioner's Task Force arrested the trio and seized Rs 6.5 lakh fake currency of Rs 1000, Rs 500 and Rs 100 denominations, one HP Colour Printer, one paper cutter, one two wheeler and three cell phones from their possession.
The arrested accused along with the seized property were handed over to Begumpet Police Station for further action. These arrests were made by a team led by North Zone inspector L Raja Venkat Reddy.
News Posted: 6 November, 2012
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