Hyderabad News

Traders beware: Fake currency gangs on the prowl ahead of Eid

Traders beware: Fake currency gangs on the prowl ahead of Eid

The counterfeit currency racketeers in the city have become active ahead of Eid-ul-Fitr. Criminals often choose festival periods for circulating fake notes, as shopping centres and markets see huge rush and the busy people often fail to check the notes for authenticity. Hence innocent traders must be extra vigilant during the festivals. Fake currency gangs are often busy at busy shopping areas and among pushcarts.

According to sources nearly 400 Cr fake notes are in circulation in Indian market which include notes of 100, 500 and 1000 denominations. Security agencies claim that fake currency is brought to the country from Bangladesh while the currency is prepared in Pakistan. According to the figures presently notes of 500 denomination worth 1646 Cr while notes of 100 denomination worth 1642 Cr are in circulation.

With the use of computer technology, the production and supply of counterfeit notes has become easy for money-spinners who make a very small investment in their pursuit of making quick bucks. Cost of making a note of 500 or 1000 denomination is just Rs. 39 which is sold at Rs. 300 to 400.

Traders and customers both need to be extra vigilant during the festive season. Installation of fake note detection device in the shops is recommended.

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