Hyderabad:The Nalgonda police busted a fake currency racket and arrested a six- member gang on Sunday.
Police also seized counterfeit notes worth Rs 1.5 lakh and fake certificates of a Karnataka university. The suspects were R. Srinivas, the main accused, K. Vijay, M. Varaprasad, T. Prabhakar, G. Ramakrishna and Narsimhulu.
Suryapet DSP V. Sunita Mohan said that Vijay was moving suspiciously near the bus stand on Saturday evening and was apprehended. Police found fake Rs 500 notes with him. He said Varaprasad had given him the notes to exchange in the market for lesser prices.
“Varaparasad’s friend Srinivas, a resident of Hyderabad, is making fake currency and gave 350 fake Rs 500 notes to Varaprasad to exchange. He exchanged 70 notes and gave 10 notes to Vijay,” she said, adding that Varaprasad kept 30 notes with him and burnt the rest of the notes.
Based on clues, police nabbed Srinivas and his other associates from Warangal and seized 100 fake notes, laptops, colour printers, photo copiers and fake certificates of a university in Karnataka. Another member of the gang, Akbar from Hyderabad, is absconding. The arrested persons were remanded. Counterfeiting gangs have been printing currency notes and distributing them all over India.
The police has busted many such gangs in the city recently.
