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Wednesday, September 23, 2020

Hyderabad: Fake currency worth Rs 10 lakh seized, three arrested

The agents mix the counterfeit currency notes in bundles of genuine notes and pass it on to their contacts for a commission, the probe found. They preferred crowded places to circulate these fake notes mostly during nights.

By: Express Web Desk | Hyderabad | September 15, 2020 8:30:42 am
According to a press note, Karam Nagendraprasad (30), Bandari Goutham (29), and Tubbakula Naresh (25), the three arrested accused, hatched a plan to make easy money by printing fake currency notes

Three persons found printing counterfeit currency notes using a colour printer and scanner at their home were arrested in Hyderabad Monday. Based on a tip-off, the Rachakonda police nabbed the trio and seized Fake Indian Currency Notes (FICN) of Rs 10 lakh in denomination of Rs 500, meant for circulation in the market.

According to a press note, Karam Nagendraprasad (30), Bandari Goutham (29), and Tubbakula Naresh (25), the three arrested accused, hatched a plan to make easy money by printing fake currency notes. They bought a colour printer and a scanner, and printed copies at Gowtham’s home. These photocopies were then cut into the size of genuine Rs 500 notes and stacked in bundles of 100 notes each.

Through their sources, they contacted agents with an agreement to deliver FICN at 1:5 ratio. These agents mix the counterfeit currency notes in bundles of genuine notes and pass it on to their contacts for a commission, the probe found. They preferred crowded places to circulate these fake notes mostly during nights.

On Monday night, Police nabbed them when they were on their way to deliver the counterfeit notes to their agents. A case has been registered under section 420, 489 (A)(B)(C)(D)(E), and 120(B) of the Indian Penal Code at P.S Ghatkesar. The three accused, police found, had been arrested by Hyderabad Police in the past

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