Fake notes racket busted in Hanamkonda, 8 held

WARANGAL (HANAMKONDA): Police officials from the Kakatiya University Police Station successfully arrested eight people in a fake currency circulation racket on Saturday, seizing a total of Rs 38.84 lakh in original currency, Rs 21 lakh in counterfeit notes, and materials used for producing fake currency in Hanamkonda.

The arrested members were identified as M. Krishan (57), E. Srinivas (36), B.V. Venkataiah (57), D. Srinivas (45), T. Shiva (34), G. Veeranna (26), U. Mallesh (26) and E. Ajay (25).

Police commissioner Ambar Kishor Jha disclosed that the mastermind behind the operation was Manikala Krishan, who initially managed a sheep business. Facing financial difficulties, Krishan devised a scheme to generate quick income by forming a gang with the aforementioned members.

The gang's modus operandi involved convincing individuals that they had discovered a drum filled with cash in a forest. They promised to exchange this large sum of money for a smaller amount, claiming that those who used the found money faced various health and personal issues, thus seeking to rid themselves of the cash by offering an exchange deal.

The operation unravelled when gang members, including Krishan, tried to exchange fake notes with Erragolla Srinivas of Keshavapur village near Pegadapalli Outer Ring Road, close to Kakatiya University. A tip received by the police led to the immediate arrest of four gang members, followed by the arrest of the remaining individuals.

Commissioner Jha commended the efforts of the police team involved in the bust, which included ACP Devandedr Reddy, KU inspector Ravi Kumar, SI Madhav, head constable Narasingha Rao, constables Shyam Raju, Sanjeev, Sampath, and home guard Rajendar. “Their prompt action and coordination were instrumental in dismantling this fake currency network,” said Jha.

The seized counterfeit notes and materials will be forwarded for further forensic analysis to aid in dismantling similar operations. The police have urged the public to remain vigilant and report any suspicious activities related to currency exchanges.