Fake currency gang busted
By Express News Service | Published: 10th February 2018 01:44 AM |
VIJAYAWADA: Three were arrested for printing and circulating counterfeit currency at Pundit Nehru Bus Station on Friday. A sum of Rs12 lakh in counterfeit notes, Rs 53,500 in cash, a printing machine and papers used for the activity were seized from their possession, the police informed.“The three accused -- Palle Raghava Reddy (aka Raghunath Reddy), Bandi Raju and Adabala Anjaneya Murthy -- had formed a group to earn easy money by circulating fake currency,” Kanche Srinivas, the Assistant Commissioner of Police (South), said.
Raghava Reddy, a native of Jagadurthi village in Kurnool, had incurred losses in agriculture. This led him to involve himself in the illegal activity along with the other two. He reportedly had secured fake currencies of Rs 500 denominations, which were to be circulated in Vijaywada. He came to the city on Friday and rented a room in a hotel near the bus station.
“To earn quick cash, they chose this way and procured counterfeit currency in denomination of `500 from Adabala Anjaneya Murthy in Tuni mandal of East Godavari. With an understanding of `30,000 original cash for `1 lakh fake currency, Reddy took `5 Lakhs and exchanged few notes in Tuni and Vijayawada,” said the ACP Srinivas.