HYDERABAD: Rachakonda police on Sunday arrested an inter-State gang that has been cheating businessmen on the guise of providing Fake Indian Currency Notes at 1:3 exchange ratio. The gang was operating across four south Indian states.
The accused had made a business by promising fake currency ‘as good as genuine’ ones. Based on tip-off received from a businessman, the Special Operations Team of the Rachakonda police conducted a decoy operation to nab the gang. The police team contacted one of the gang members, who had called the businessman, saying they wanted to exchange cash. The accused took original notes from the team promising thrice the amount in fake notes and left the spot.
A little later, another person approached the decoy team and handed over a bag of ‘cash’ and a `2,000 note as sample. He then asked the team to test note at any shop if they want.
The officials nabbed both the accused and seized 22 bundles of Children’s Bank of India notes and `25,000 in cash. “Accused Reddy Pandu Ranga Rao and his associate Rajula Kolanji of Tamil Nadu have been doing this for the past seven years,” said police.
“They mix original notes with children’s bank notes and place it in a bag to fool those wanting fake notes. The accused then give an original note as fake and ask their customers to try exchange in the market. Believing original notes to be fake, some people have done deals for huge amounts,” said a senior officer.
The officer said that the gang’s main target is the businessmen hailing from the bordering areas of AP, TN and Karnataka. “Further probe is on to find out people who have attempted to purchase the fake currency,” police added.
TP, AP biz men were their target
The officer said that the gang’s main target was businessmen from bordering states..Rao had over 10 members working under him to cheat the ‘greedy’ traders