Six persons were arrested from Rachakonda today by the Hyderabad police with fake currency worth Rs 2.22 lakh. The police have recovered 105 fake notes of the newly introduced Rs 2,000 note.
Police said that apart from the fake notes, the gang was also involved in the circulation of several other currency notes in the market.
They circulated Rs 100, Rs 50, Rs 20 and Rs 10 currency notes. The gang were using a big colour photo copy machine to print the fake currency.
Rachakonda Police Commissioner Mahesh M Bhagwat said,
“With the demonetization 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,”
“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.
Following the arrest, the Hyderabad police have alerted people to take precautions as a large quantity of fake currency was in circulation in the market. Several citizens have fell prey to these counterfeit notes.