The Future City Police have busted a major counterfeit currency racket, arresting four persons and seizing fake Rs 500 notes with a face value of Rs 6.78 crore on the outskirts of Hyderabad.
Commissioner of Police Dr Tarun Joshi revealed that the arrests followed an operation jointly conducted by Abdullapurmet Police and Shadnagar Special Operations Team (SOT).
Police intercepted a car near Ramoji Film City on NH-65 on November 1 and arrested the four accused, identified as Madupoju Karnakar, Chinnolla Manikya Reddy, Cherukupelly Rathnakar Reddy and Karanam Ajay Kumar.
During further investigation, police unearthed an alleged counterfeit currency printing unit operating from a rented house at Kuntloor. Printers, a laptop, currency-cutting machines and other equipment used in the operation were seized.
Explaining the modus operandi, the Commissioner of Police said the accused allegedly posed as police officers by using fake identity cards, walkie-talkies and a dummy pistol to intimidate and cheat unsuspecting people.
"The accused allegedly used fake police credentials and equipment to create fear and deceive people while carrying out their activities," the Commissioner explained.
Investigators found that the gang initially attempted to circulate fake notes by offering buyers Rs 3-4 lakh in counterfeit currency for every Rs 1 lakh of genuine cash. When the plan failed, they allegedly adopted a different strategy.
According to police, gang members would first gain prospective buyers' confidence by displaying genuine currency. Others would then arrive, posing as police officers, threaten buyers with legal action and flee with their genuine money. Two such incidents reportedly resulted in the accused taking away Rs 2 lakh and Rs 3 lakh, respectively.
The total face value of the counterfeit Rs 500 notes seized in the case stands at Rs 6.78 crore, making it a significant breakthrough for the police.
Further investigation is on.
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