8 Held For Counterfeit Currency, Black Money Scam In Warangal
Police seized Rs 1.48 lakh in cash, counterfeit notes, printers, 13 mobile phones and two cars, with total assets estimated at Rs 28 lakh: Reports
WARANGAL: Eight men allegedly manufactured counterfeit currency and ran a “black money” cheating racket in Warangal to defraud victims by promising to triple their cash, police said on Monday.
The accused were identified as Saganti Kiran, Neerati Shiva, Neerati Ranjit, Gudikandula Ravi, Porika Rajkumar, Tanamala Rajasekhar, Mudurukola Yakambaram and Chenu Saikiran. Cases have been registered against all eight.
Police seized Rs 1.48 lakh in cash, counterfeit notes, printers, 13 mobile phones and two cars, with total assets estimated at Rs 28 lakh.
Ankit Kumar said the gang was involved in similar frauds in Secunderabad, Mulugu and Kothagudem, and was recently active in Chatrinaka and Narsampet.
Three of the accused operated from Narsampet, using laptops and colour printers to produce fake Rs 100 notes, which they circulated in local markets, police said.
The remaining five ran a 1:3 exchange scam, luring victims with claims of converting “black money” into higher-value currency using chemicals.
They used iodine to blacken a genuine Rs 500 note and then restored it using sodium thiosulphate to convince victims that black paper bundles were real currency.
Victims were then handed bundles of worthless paper after paying cash, police said. The accused were arrested in a joint operation by the Warangal Task Force and Narsampet police.
Sunpreet Singh commended the teams for the arrests.