Fake currency racket busted, four arrested in Hyderabad

Hyderabad: The Future City Police on Tuesday have busted a counterfeit currency printing racket and arrested four persons. The police seized fake Rs 500 denomination notes with a face value of Rs 6.78 crore along with printers, a laptop, currency-cutting machines and other equipment used for printing and preparing fake currency notes.

The arrested persons were identified as Madupoju Karnakar, Chinnolla Manikya Reddy, Cherukupelly Rathnakar Reddy and Karanam Ajay Kumar.

Future City Commissioner of Police Dr Tarun Joshi said Abdullapurmet Police, along with the Shadnagar Special Operations Team (SOT), intercepted a car near Ramoji Film City on NH-65 on Sunday and arrested the suspects.

The suspects were allegedly operating a currency printing unit from a rented house at Kuntloor on the city outskirts.

“The suspects allegedly impersonated police personnel by using fake identity cards, walkie-talkies and a dummy pistol. They reportedly used these articles to threaten and cheat people,” said Dr Tarun Joshi.

The police are investigating the source of the printing equipment, circulation network of the counterfeit notes and the possible involvement of other persons in the racket.