Hyderabad, Feb 15 (PTI) City police today arrested fourpersons allegedly involved in preparing and circulating fakeIndian currency and seized counterfeit currency with a facevalue of over Rs 10 lakh from their possession.
Acting on a tip off, the sleuths of Commissioner�s TaskForce (Central Zone) team nabbed the four-member gang of MohdAbdul Naveed, Mohd Afsar Alam Akther, Mohd Osman and AliBinbahmed Abood, all residents of Hyderabad city, Task ForceDCP V B Kamalasan Reddy said.
Mohd Abdul Naveed, came into contact with one Hafeez andgained the knowledge of preparing fake currency notes with thehelp of printer-cum-scanner machines and started makingcounterfeit currency notes (on plain white papers) in thedenomination of Rs 500 and Rs 1,000 at his house in RajendraNagar, the DCP said.
Naveed told his friend Afsar on preparation ofcounterfeit currency notes, who in turn sought help from Osmanin circulating them, Reddy said adding Osman along with Alistarted circulating the fake notes to interested parties andexchanged the same in the ratio of 1:3 for original notes.
They had so far collected an amount of Rs 1.18 lakh fromcustomers, Reddy said.
Hyderabad Police had on February 12 busted an organisedinternational racket of smuggling fake Indian currency fromPakistan via Bangladesh-West Bengal border with the arrest ofthree persons and seized counterfeit notes with a face valueof Rs 6.5 lakh from their possession.