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Rs 6.78 Crore Fake Notes Seized in Hyderabad Bust
4 Nov
Summary
- Four individuals arrested for counterfeit currency racket.
- Fake Rs 500 notes worth Rs 6.78 crore were seized.
- Accused posed as police to defraud victims.
Authorities on the outskirts of Hyderabad have dismantled a significant counterfeit currency operation, leading to the apprehension of four suspects. A substantial seizure of fake Rs 500 notes, amounting to a face value of Rs 6.78 crore, was reported. The operation, conducted jointly by local police and a special operations team, followed an interception on NH-65 near Ramoji Film City.
Investigators subsequently uncovered a counterfeit currency printing unit functioning from a rented property. Essential equipment, including printers, a laptop, and currency-cutting machines, were confiscated. The modus operandi involved the accused impersonating police officers by employing fake identity cards, walkie-talkies, and a dummy pistol to instill fear and deceive individuals.
Initially, the gang attempted to exchange fake notes by offering buyers approximately Rs 3-4 lakh in counterfeit currency for every Rs 1 lakh of genuine cash. When this scheme proved unsuccessful, they altered their approach. The group reportedly began by displaying genuine currency to build trust with potential buyers. Subsequently, other members would arrive, impersonating police officers, threatening legal action, and then escaping with the genuine money, having defrauded victims of Rs 2 lakh and Rs 3 lakh in separate incidents.
