Hyderabad: LB Nagar police have in recent times nabbed seven members of a counterfeiting racket, and the attempts are in progress to catch the prime suspect, Suresh Bhai from Ahmedabad. The detained suspects are Chinnolla Manikya Reddy, Malilla Janaiah, Bharath Kumar, Venkatesh, Satyanarayana, G Venkatesh, and K Shiva Kumar.
The gang operated by taking legitimate currency in lieu of counterfeit money at a rate of 1:4.
The operation started when Manikya Reddy, who was struggling financially following his wife’s death, looked for illegal means of making money and met Suresh Bhai in Ahmedabad. Reddy allegedly went with Rs 1 lakh and came back with fake currency notes valued at Rs 11 lakh.
Suresh Bhai also agreed to refer customers to Reddy to increase the operation. When he returned, Reddy got five others involved in the scheme, promising to trade Rs 1 lakh of genuine money for Rs 4 lakh worth of counterfeit notes. They were also planning a similar fraud with counterfeit gold biscuits.
Based on a tip-off, police stopped the group while they were meeting at Chinthalkunta checkpost and took them into custody. Counterfeit notes and other equipment were recovered in the operation.
The accused have been sent to judicial custody and efforts are being stepped up to arrest Suresh Bhai.
Follow on Twitter | Posted by Syeda Faiza Kirmani | 
