Metpalli police bust counterfeit currency racket, six arrested

Currency notes with a face value of Rs.7 lakh and other material were seized from them

Jagital: The Metpalli police busted a counterfeit currency circulation gang and arrested six of its members. Currency notes with a face value of Rs.7 lakh and other material were seized from them.

Producing the gang members before the media in Metpalli on Saturday, Metpalli DSP Umamaheshwar Rao explained the modus operandi of the gang.

He said Sanjeev of Thalladharmaram of Jagtial, Shiva Kumar of Jagtial town, Kishan of Nirmal, Gangaram, Mallaiah and Ashok had started circulatig fake currency notes to make money. The gang members would promise to give counterfeit notes with a face value Rs.5 lakh in exchange of original notes worth Rs.1 lakh.

According to their plan, two of the gang members would reach the exchange spot in the car. While exchanging money, two other gang members would come on a bike and raise an alarm, if they suspect police nearby.

The other two, meanwhile, would take the original currency from the ‘client’ and flee. The gang thus fled with Rs.10 lakh by cheating three persons in Hyderabad, one each in Karimnagar, Dharmapuri, Jannaram and Jagtial during the last one year.

On August 1, they cheated on Rajender, owner of Peddagundu Dhaba in Metpally, and fled with Rs 1 lakh.

Based on the complaint lodged by Rajender, police registered the case and began investigation. On Saturday, cops arrested the gang members from a dhaba in Venkatraopet and produced them before court.