Kothagudem: AP police bust fake currency racket operating at Paloncha

Andhra Pradesh police seized fake currency with denominations of Rs 500 and others worth Rs 44.50 lakh from the accused

Kothagudem: The Andhra Pradesh police busted a fake currency racket operating Paloncha in the district as its base and arrested nine persons, including a woman.

Alluri Sitaramaraju district SP Sathish Kumar said the arrests were made on Wednesday based on a tip off that two persons were distributing fake currency at VR Puram and Chintoor under VR Puram police station limits. The police seized fake currency with denominations of Rs 500 and others worth Rs 44.50 lakh from the accused. The accused burnt fake currency notes worth around Rs 25 to 30 lakh. The equipment used to print the fake currency was also seized, the SP said.

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The accused, Podili Murali, Jangam Srinivas, Katari Samrajyam, Gaudugolla Kiran Kumar, Konakalla Chittibabu and Pakanati Nageshwar Rao of Kothagudem and Khammam districts, Puspuleti Umesh Chandra of Uppal in Ranga Reddy district, Podili Srinivas and Vemula Pulla Rao of Palnadu district in AP were sent to judicial custody, Sathish Kumar said.

All the accused formed into a gang and were printing fake currency at the house of Podili Murali at Paloncha. Kumar provided the necessary investments for the printing of counterfeit notes and a commission of Rs 10,000 original cash for circulating Rs 1 lakh fake notes.

Jangam Srinivas, Chittibabu, Umesh Chandra, Nageshwar Rao, Samrajyam and Pulla Rao used circulated the fake notes at Bhadrachalam, Yetapaka, Nellipaka, Kunavaram, Chintoor and VR Puram and Kunta, the SP said.