City Police Bust Fake Currency Racket, 3 Arrested

Published: 11th September 2014 06:05 AM  |   Last Updated: 11th September 2014 06:05 AM   |  A+A-

VISAKHAPATNAM: The city police busted a fake currency racket and arrested three persons including one woman here Wednesday. A team of City Task Force led by inspector GV Ramana caught the accused near the MG Cancer Hospital in MVP Colony. The three member gang was offering thrice the denomination of fake currency in cut black papers for one original currency.

Addressing a media conference, deputy commissioner of police (Law and Order) M Srinivasulu said that the Task Force police also seized six bundles of cut black papers similar real currency notes worth about `3 lakh, one liquid bottle, three mobile phones and one Karizma motorcycle from the accused. The accused were identified as Kotamohanti Venkatesh, Maddila Laxmi and Rakoti Musalayya, all residents of Railway New Colony in the city. On a tip off, City Task Force conducted an operation to nab the accused.

Revealing the modus operandi of the gang, the DCP said that one member would lure gullible people, while the other two would strike a deal and exchange the cut black papers. The accused asked the party to wash the cut papers at home with the liquid provided by them. The gang assured the buyers that the black papers need to be washed just once for them to automatically turn into currency notes. The trio also reportedly cheated several innocent people at various places including Kakinada, Rajahmundry, Yelamanchili and Tagarapuvalasa, the DCP said.

Task Force inspector GV Ramana and Three Town MVP Zone inspector Vidyasagar were present.

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