Fake currency racket busted in Hyderabad, 11 held

Eleven members of an inter-state gang allegedly involved in circulating fake Indian currency were arrested in Mahabubnagar district of Andhra Pradesh and counterfeit notes with face value of Rs3.25 lakh were seized from their possession, police said today.

The arrested accused include K Bhasker from Bangalore and Shyam John from Kerala, Mahabubnagar district Superintendent of Police Sudhir Babu told PTI.

A police party found Rs25,000 counterfeit currency in denomination of Rs500 each, left behind by two-motorcyclists, while it was conducting vehicle checking at Nagarkurnool town in Mahabubnagar district on April 30, the officer said.

During course of investigation, police arrested Prabhakar Reddy from Shadnagar and based on the leads during his interrogation the remaining 10 persons were nabbed from different areas yesterday, the senior police officer said.

It was revealed in the investigation that the source of the counterfeit currency is one Johnson in Kerala, who used to circulate fake notes through these gang members in Hyderabad, Mahabubnagar and other districts, the police officer explained.