Khammam: The police have busted a duplicate notes exchanging racket that consists of four members of a family besides some others and seized 350 bundles of fake notes that look like Rs 2000 currency notes.
Commissioner of Police (CP) Tafseer Iqubal told the media here on Saturday that the racket was being operated with Sathupalli town as its centre. The main accused was identified as Shaik Madar, engaged in milk and poultry business at Gowrigudem village of Sathupalli mandal in the district.
Madar was assisted by his wife Shaik Masthan Bee and their elder son Shaik Rameej and his nephew Shaik Noushad. Madar, his driver Thota Hanumantha Rao along with his mediators Modem Saraiah and Gayam Venkata Narayana were arrested while Madar’s wife and elder son are absconding.
Madar was accused of cheating the public by exchanging fake notes for original currency for the past 20 years. The racket was busted following a complaint lodged by one Velagapudi Hari Babu of Kakarlapalli village of Sathupalli mandal with Sathupalli police.
Police said the main accused and his mediators lured Hari Babu by offering five times the number of fake notes for one original currency. On Oct 26, Hari Babu went to Madar with Rs 2 lakh and and he was told to go to a secluded place to get the fake notes.
On reaching the spot, he was not given the cash and on demanding the money, Hari Babu was beaten up and threatened with knives by Madar and his accomplices. He then lodged a complaint with Sathupalli police regarding the incident.
The CP informed that the accused used to place one original note on top of a bundle of fake notes and exchange them with their victims. On the 350 bundles of Rs 2000 fake notes which the police seized it was written ‘Children Bank of India’.
When his victims realised they were cheated Madar and his accomplices used to silence them by threatening with knives. A case against the accused was booked under Cr.No. 344/2019 u/s 420, 307 R/w 34 IPC of Sathupalli Police station.
A total of Rs 90,000 cash and two vehicles were also seized from the accused, the CP said.