MVP Police bust fake currency racket, four arrested  

According to the police, it was a complaint filed by one by Bellanna Nagesh from Visakhapatnam that got the gang under the police scanner.

Published: 22nd August 2019 05:25 AM  |   Last Updated: 22nd August 2019 05:25 AM   |  A+A-

MVP Police adressing media after seizing fake currency notes (Photo |EPS)

By Express News Service

VISAKHAPATNAM: The MVP Police busted a fake currency notes racket and arrested four persons. They also seized demonetised currency notes worth Rs 99,000 and new currency notes worth Rs 1,40,000. According to the police, the accused persons have been identified as K Padmavathi (A1) of Vizainagaram district, M Lakshmi (A2) of Railway New Colony, M Rajeswara Rao alias James (A3) of Pedda Jalaripeta and N Sivan Narayanan (A4) of Railway New Colony. 

According to the police, it was a complaint filed by one by Bellanna Nagesh from Visakhapatnam that got the gang under the police scanner. Addressing mediapersons on Wednesday, Commissioner of Police  RK Meena said, “James trapped complainant Bellana Nagesh with an intention to cheat him and made him believe that he (Nagesh) would get thrice the amount of counterfeit currency for genuine ones. 

After the gullible complainant gave James Rs 1 lakh, they together went to K Padmavathi’s house where Nagesh was shown some original currency notes and the duo requested him (Nagesh) that they can supply Rs 3 lakh within a month.Believing them, the complainant waited for a month and when the accused failed to turn up, he filed a complaint at MVP Police station on August 18. 

On August 20, the MVP police team raided a house in Railway New Colony. Apart from the four accused, the police seized a paper cutting machine, counting machine, black paper bundles, eight mobile phones and three types of chemicals used for the making fake currency notes.The accused confessed that they took Rs 1 lakh in original notes from the complainant and the remaining Rs 40,000 from other victims. It is found that this gang showed the Rs 1,000 banned notes to the people with whom they will exchange genuine notes at quarter value. 


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