Eight held with fake currency worth Rs 21 lakh in Telangana’s Warangal

According to Police Commissioner Amber Kishore Jha, the gang lured people with a deal to offer four times higher worth of counterfeit notes for every Rs 1 lakh of genuine currency

Warangal: The Kakatiya University Campus police arrested eight persons for their involvement in the printing and circulation of fake currency. The police seized Rs 38.84 lakh in cash and counterfeit notes with a face value of Rs 21 lakh besides paper used for printing fake currency, one car and nine mobile phones.

Warangal Police Commissioner Amber Kishore Jha said the gang was luring people with a deal to offer four times higher worth of counterfeit notes for every Rs 1 lakh of genuine currency.

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The prime accused was identified as Manikala Krishna, 57, a native of Bhadradri Kothagudem. In the urge to make quick money, he hatched a plan to circulate fake currency. For this, he partnered with Erragolla Srinivas, a native of Hanamkonda.

However, Srinivas insisted that the fake currency had to be handed over to him in Hanamkonda and Krishna agreed to the condition. As per the deal, Krishna, along with four others reached Pegadapally crossroads at KUC Outer Ring Road in a car Friday night. Srinivas along with two other accused was waiting at the same spot.

As the two teams were trying to exchange the genuine and counterfeit notes, the police patrolling team noticed them, and on suspicion, checked their bags and the car. They found fake currency and genuine notes in high denominations. When questioned, the accused confessed to the crime, the Commissioner said.

In the past, cases were registered against the prime accused Krishna in Sathupally, VM Banjar and Lakshmidevi Peta police stations for their involvement in printing Rs 500 counterfeit notes and circulating them in association with his friends.