Six members of a gang were arrested on Saturday on charge of printing Fake Indian Currency Notes (FICN) and conspiring to circulate the counterfeit notes including newly introduced Rs 2,000 notes.
Sleuths of Special Operation Team busted the racket by arresting six members of the gang from Ibrahimpatnam in Hyderabad and seized fake notes in denomination of Rs 2,000 among others, all with a face value of Rs 2,22,310, Rachakonda Police Commissioner Mahesh M Bhagwat said. Arrested accused Jamalapur Sainath, G Anjaiah, S Ramesh, C Satyanarayana, K Sridhar Goud, A Vijay Kumar besides Kalyan and Srikanth (both absconding) initially printed less number of fake notes of small denomination and were successful in circulating them in the market, he said.
“With the demonetisation of the Rs 500 and Rs 1,000 notes, the accused persons decided to print FICN of small denomination and circulate in the market. After the release of the new Rs 2000 note, they successfully printed it and were waiting for an opportunity to circulate in the market,” Bhagwat said.
“They were discussing on plans of circulating the fake notes in the market, when Rachakonda Police received credible information about their plans and raided the house of Ramesh at Ibrahimpatnam and took the accused persons into custody,” he said.
Police seized original notes to the tune of Rs 50,000 besides two photocopy machines, and fake notes in denomination of Rs 2,000 (105 notes), Rs 100 (102 notes), Rs 50 (105 notes), Rs 20 (117 notes) and Rs 10 (102 notes) all with a face value of Rs 2,22,310.