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Home » Business » Hyderabad: Six arrested for producing fake notes of ₹ 2,000

Hyderabad: Six arrested for producing fake notes of ₹ 2,000

By Newsd
Updated on :

Just weeks after Reserve Bank of India released new notes of ₹ 2,000; six people were detained by Rachakonda police for allegedly producing the fake high denomination note at Ibrahimpatnam on city suburbs. Apart for the notes of ₹ 2,000, police also seized fake notes of Rs 100, Rs 50, and Rs 20.

The six accused identified as K Sainath alias babu, farmer G Anjaiah, businessman S Ramesh, C Satyanarayana, mechanic K Sridhar Goud and sales executive A Vijay Kumar were arrested while two other associates-Kalyan and Srikanth are absconding.

The Police recovered Rs 2.22 lakh fake currency notes from the accused.

Rachakonda commissioner Mahesh Bhagwat said, “After the demonetization of the ₹ 500 and ₹ 1000 notes, the accused persons decided to first print fake notes of small denomination and circulate them in the market. Meanwhile, after the RBI released the new ₹ 2000 note, they successfully printed it and were waiting for an opportunity to circulate in the market.”

As per the police, key player Sainath came in contact with Anjaiah through his friend Ganesh. The latter was in Charlapally jail after being arrested for a murder while Anjaiah was in the same jail for circulating counterfeit notes.

As Sainath needed money, Anjaiah encouraged him to look for fake notes. Sainath then contacted Srikanth in Nizamabad and latter offered three fake currencies in exchange of one original note.

Sainath paid Rs 2.90 lakh but Srikanth couldn’t manage to arrange the fake notes. Later on, Babu along with Ramesh, Satyam, Vijay and Kalyan bought a colour Xerox machine and took it to Sircilla and tried to make fake note.

“Sridhar Goud who is also friend of Sainath came to know about their plans and he told them that they can try to make fake notes on their own. So Sainath, Ramesh and Sridhar bought another small Xerox machine in August 2016 and after many attempts they successfully printed fake notes. Initially they printed less number of notes of small denomination and were successful in circulating them in the market,” said officials.