VISAKHAPATNAM: CITY Task Force (CTF) police busted two fake currency gangs and arrested three persons here on Tuesday.
The accused, who procured the fake Indian currency (FICN) from West Bengal, were nabbed at Visakhapatnam railway station and a few other places.
Fake currency with a face value of Rs 6.78 lakh and a country pistol were recovered from them.
The arrested have been identified as G Nalamaharaju (45), a car driver and resident of Rajamahendravaram, and M Chakradhar (44), a TV mechanic from Kurmannapalem area of the city, and Gedela Govinda Rao, an auto driver and close associate of Chakradhar.
Another main accused Nammi Srinu, a friend of Nalamaharaju, is absconding.
DCP (Crimes) T Ravi Kumar Murthy said Nalamaharaju was wanted in three murder cases registered at Rangampeta, Rajamahendravaram and Atreyapuram police stations, and he is out on bail now.
Meanwhile, Nammi Srinu is also an accused from Rajamahendravaram involved in the fake currency gangs. Srinu often went to New Farakka area of West Bengal and procured the fake currency. After the duo became friends, both went to New Farakka last week, where they met one Ali, who gave them the counterfeit currency.
According to the DCP, for Rs 1 lakh worth of FICN, the accused had paid Rs 35,000 original currency in exchange.
They procured teh FICN with a face value of Rs 5.93 lakh. Nalamaharaju also procured one country-made 9mm pistol with two magazines.
Meanwhile, Chakradhar and Govinda Rao too were another gang from the city, who went to the same area and procured around Rs 85,000 worth FICN.
Acting on a tip-off, the police arrested Nalamaharaju at Visakhapatnam railway station, while Nammi Srinu is absconding.
The other two of another gang were also arrested at another place in the city.