Fake Indian currency racket busted in Hyderabad, one arrested
Fake Rs 500 currency notes valued at Rs 5 lakh and other materials seized
Hyderabad: The Rachakonda Special Operations Team (SOT) along with Pahadishareef police busted a fake Indian currency racket and nabbed one person on Friday. Fake Rs 500 currency notes valued at Rs 5 lakh and other material, were seized.
The arrested person was identified as K Naveen Kumar (26) from Mahabubnagar, who was previously into graphic design and multimedia work, and utilised his skills to make counterfeit currency.
According to the police, Naveen Kumar, who holds a diploma in Civil Engineering, got firsthand experience on graphic design, web design, and digital marketing. Despite his qualifications, he faced financial hardships, leading him to take up odd jobs.
In August 2023, Naveen Kumar’s financial struggles prompted him to explore illegal activities, leading him to research counterfeit currency production online. His background in animation and designing helped him to devise a plan for making counterfeit notes.
“Naveen shared his plan on making counterfeit currency to his friend from Kurnool, who invested some amount and provided material needed. Later on, Naveen started producing counterfeit currency notes,” said G Sudheer Babu, Police Commissioner, Rachakonda.
Following a tip-off, the suspect was nabbed when he came to Tukkuguda to circulate the counterfeit currency to his agent.
Efforts are on to track down other suspects who are connected to the counterfeit network.
