Fake Note Racket Busted, 7 Arrested

The Krishna district police have arrested seven persons in connection with a fake currency racket and seized counterfeit currency worth `2,24,000, a computer and a scanner.

Published: 26th July 2014 08:16 AM  |   Last Updated: 26th July 2014 08:16 AM   |  A+A-

MACHILIPATNAM: The Krishna district police have arrested seven persons in connection with a fake currency racket and seized counterfeit currency worth `2,24,000, a computer and a scanner.

The accused were identified as Jalamsutram Venkanna, kingpin of the gang, Manda Prasad, Kolli Naga Venkata Satyanarayana alias Satish, Gade Pradeep, Vadlani Ramu, Siriguri Suryanarayana and Suddabattula Ramprasad. They all belong to Gudivada division of the district.

Addressing a press conference at Kaikaluru CI office Friday, Gudivada DSP G Naganna said that the police had arrested seven persons in connection with the case so far and expressed confidence that the remaining persons involved in the racket would be nabbed soon.

The DSP said two teams — one supervised by him and the other by the Gudivada Central Crime Station (CCS) police — had launched a search for the gang following a tip-off and nabbed the accused at the Elurupadu bridge.

The DSP said that the gang was bringing fake notes from one Naik of Karnataka and circulated `28.5 lakh fake notes in the market. They used to deposit original notes in the bank accounts. They were exchanging `1 lakh fake notes for `50,000 original currency.

“We are trying to get at the root of racket, mode of transportation, and the link to Bangaldesh groups.” said Kaikaluru CI D Venkateswara Rao.

The Kalidindi police registered  a case against the accused under IPC Sections 489B and 489C.

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