Hyderabad: Gang involved in counterfeit currency circulation nabbed

Venkata Krishna Reddy brought a couple of colour printers and started printing fake currency notes of Rs.100, Rs.200 and Rs.500 denominations with the help Ganesh, Nagi Reddy and Mastan.

Hyderabad: A nine-member gang involved in preparing counterfeit currency notes using computers and printers was arrested by the Rachakonda police on Thursday. The police seized duplicate notes, printers, ink bottles and material from them.

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The arrested persons are identified as O Venkata Krishna Reddy (22), K Shiva Ganesh (26), K Srinivas Reddy (51), Srikanth Reddy (48), C Nagendra Sudha Madava Reddy (45), Sorampudi Srinivas (44), Pilli Rama Krishna (32), Tota Santosh Kumar (37) and Peram Venkata Sheshaiah (43). Two others – Nagi Reddy and Mastan are absconding.

Venkata Krishna Reddy brought a couple of colour printers and started printing fake currency notes of Rs.100, Rs.200 and Rs.500 denominations with the help Ganesh, Nagi Reddy and Mastan. The remaining members of the gang searched for persons who were interested in buying fake currency notes and earning profits by circulating it in the markets.

“The gang gave the currency notes to their customers at a ratio of 1:2, and the brokers were paid a commission of 30 per cent on every deal by Venkata Krishna Reddy,” said Rachakonda Police Commissioner, Mahesh Muralidhar Bhagwat.

Venkata Krishna Reddy was preparing the fake currency notes at his house in Miyapur for the last few months. Previously he was arrested by the police in a similar case.

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