HYDERABAD: Chaderghat police on Tuesday arrested a person named Ahmed Pasha (33) for allegedly circulating counterfeit currency. Officials seized counterfeit currency with face value of Rs 94,000 from his possession.
Police said that on April 1, a complaint was received from Malakpet Kotak Mahindra branch manager Satyanarayana Repala. He stated that during routine verification of transactions, 10 counterfeit currency notes of Rs 500 denomination (total Rs 5,000) were detected in the Cash Recycler Machine (CRM) of the bank. The counterfeit notes were confirmed using a UV lamp, note sorting machine and other security features.
During the investigation, police found that the counterfeit notes deposited on March 27 were from an account belonging to another accused, Pasha, who, during interrogation, confessed to procuring the fake currency from an unknown person through social media platforms. He further disclosed that he collected counterfeit currency with a face value of Rs 94,000 at Shadnagar with the intention of circulating it as genuine currency. Out of this, he deposited Rs 5,000 in the bank CRM machine, while the remaining Rs 89,000 was recovered from his residence.
A case has been registered and further investigation revealed that the suspected supplier is operating from Gujarat.