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Hyderabad police trace fake money to Pakistan

Hyderabad has become a hub of counterfeit currency circulation,with the police suspecting that the racket operates on the fringes of sleeper terror cells.

Hyderabad has become a hub of counterfeit currency circulation,with the police suspecting that the racket operates on the fringes of sleeper terror cells. The Task Force of Hyderabad Police has recovered Rs 2.80 crore in counterfeit currency,in Rs 500 and Rs 1,000 denomination notes,so far from various places here. After analysing the fake notes,police say that they were printed on sophisticated mints in Pakistan and routed to India through the UAE.

Uptil June 30 this year,the police have busted five rackets and seized Rs 5.18 lakh,while in 2008,four such scams were exposed and Rs 38.43 lakh in fake currency recovered. In 2007,the Task Force recovered Rs 2.80 crore.

Police say this is just the tip of the iceberg and large quantities of fake notes are in circulation in Hyderabad and other parts of the state.

On June 30,police arrested two persons who were trying to circulate notes of Rs 500 denomination. “They were top quality fake notes printed on sophisticated machines in Pakistan,” said Task Force Deputy Commissioner V B Kamlasan Reddy.

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Police seized Rs 3.15 lakhs fake currency from the possession of Shaik Shareef Bin Hasan Qureshi,a real estate dealer of Phoolbagh area,and Mohammed Ahmed Ali Khan of Pahadeshareef area. Task Force officials said that Qureshi confessed that he had obtained the fake currency from one Sunil of Nizamabad about one month ago.

Sunil gave him the ‘money’ at a ratio of 1:2 — Qureshi handed over Rs 4,50,000 in genuine currency and got Rs 9,00,000 in counterfeit money. Out of the amount,he circulated Rs 5,85,000 in the market.

“Sunil is suspected to be the mastermind behind the circulation of highly sophisticated fake Indian currency suspected to have been printed in Pakistan and smuggled into India,” an official said.

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In one of the biggest seizures so far,on August 25,2007,the Task Force in coordination with State Intelligence busted a gang involved in circulating counterfeit currency notes of and recovered Rs 2,36,86,000 from them.

The currency was printed in Pakistan and circulated in India through the UAE. In another major seizure,on June 15,2008 the Central Zone team apprehended Voleti Kameshwar Rao,Shoukat Ali and Naba Kumar Saha at Malda district,West Bengal,who were circulating in Indian counterfeit currency from Bangladesh. Rs 36 lakh were seized from them.

Police officials fear that a few of these gangs may be working,knowingly or unknowingly,for the sleeper cells of terror networks.

First published on: 07-07-2009 at 05:56:04 am
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