VISAKHAPATNAM: The city police have arrested three persons in connection with a counterfeit currency racket that was busted recently. Fake notes with a face value of Rs 2,96,100 and genuine notes worth Rs 7,000 were seized from the accused.
Addressing the media here on Sunday, city, Commissioner of Police RK Meena said the police might take help from the National Investigation Agency (NIA) as involvement of foreign nationals in the racket was suspected.
As the police had received information that some men were in possession of counterfeit currency notes and were trying to exchange the same near Steel Plant quarters and HB Colony, Muvalavanipalem inspector Ch Sanmukha Rao and his staff rushed to the spot, and caught the accused red-handed.
The arrested were identified as Kadavala Naga Venkata Satya Narayana of Visakhapatnam, Rowthy Jaya Ram of Srikakulam and Bonda Padma Rao alias Chinni Dora of Vizianagaram, and three phones were also seized from their possession.
Upon enquiry, it was found out that Satya Narayana and Chinni Dora were realtors by profession and that the fake notes were being supplied in the ratio of 1:3 (genuine:counterfeit) by one Shaik Abdul Rehman of Chodavaram and one Sayyed Mujibur Rehman of East Godavari.
The three accused went to Chodavaram obtained fake notes with the face value of Rs 3,00,000 by exchanging Rs 1,17,000 with the suppliers, adding that two fake notes changed hands at the RTC Complex in the Vizag town.
Meanwhile, a hunt for Abdul and Mujibur Rehman was initiated as the two were absconding. "The notes were printed in secrecy and very cleverly as they look very similar to genuine currency notes. We suspect that people from Bangladesh and Pakistan may be involved in the scam," the CP added.