Kothagudem police arrest man in Rs 13 lakh fake currency fraud

Aswaraopet police arrested a man accused of cheating a resident of Rs 13 lakh by claiming black paper sheets could be converted into Rs 500 notes using chemicals. Police seized black paper bundles, chemical bottles and registered a case against him.

Kothagudem: Aswaraopet police in the district arrested a man in connection with a Rs 13 lakh fake currency fraud.

Paloncha DSP Sathish Kumar said the accused, Pathipati Prem Chandu, allegedly defrauded innocent people by making them believe that black paper sheets prepared by him could be transformed into Rs 500 currency notes after being dipped in a chemical solution.

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The accused confessed to defrauding an Aswaraopet resident, Madhu Babu, of Rs 13 lakh. He first took Rs 11 lakh for black paper sheets cut to the size of Rs 500 notes and later collected another Rs 2 lakh for purchasing chemicals, the DSP told mediapersons at Aswaraopet on Tuesday.

The investigation revealed that the accused had previously been imprisoned in connection with cases involving counterfeit currency, motorcycle theft and other offences registered at Bachupally, Ramachandrapuram and Kukatpally police stations in Hyderabad, the DSP said.

The police seized 20,000 black paper sheets cut to the size of Rs 500 notes (20 bundles) and two bottles of chemical solution allegedly used to demonstrate the conversion of black paper into currency notes. A case has been registered against the accused under relevant provisions of law, he added.