Hyderabad: Police bust counterfeit currency racket, 6 arrested

Their scheme involved exchanging Rs 1 lakh worth of counterfeit notes for Rs 14,000

Hyderabad: The Commissioners task force, along with Begum Bazar police, nabbed six people for circulating fake Indian currency notes on Tuesday, April 2. The officials recovered printing material, net cash of Rs 28,000, 08 cell phones, and one Bajaj Platina bike from their possession.

The accused are Pabbati Murali Krishna, 38, Khader Maiden, 30, Mahender Das Vaishnav, 30, Dhasharath Kumar Parmar, 27, Mali Rajuram, 25, and Praveen Kumar Mali, 29.

Pabbati Murali Krishna, who has a prior record of printing and circulating fake Indian currency notes, led the gang. 

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In November 2023, J Muniraj came into contact with Khader Maideen, who operated a household items business. Working in collaboration with Pabbati Murali Krishna, Maideen initiated the production of counterfeit Indian currency at a rented room located at Patancheru, Sangareddy district. Murali Krishna procured the necessary equipment and commenced the printing and distribution of fake currency through Maideen. Their scheme involved exchanging Rs 1 lakh worth of counterfeit notes for Rs 14,000 with Maideen.

Maideen then approached Mahender, who specialised in repairing cookers and mixers, and briefed him about the circulation of fake currency and its profitability. Maideen offered Mahender Rs 1 lakh worth of counterfeit currency for Rs 17,000. Mahender, in turn, circulated the counterfeit currency in the open market through other individuals. He roped in Dhasharath Kumar Parmar, Mali Rajuram, Praveen Kumar Mali, and others, taking a commission for his efforts.

Meanwhile, the officials have appealed to the general public to remain vigilant while dealing in cash. They urged people to see the visible identification marks issued by the Reserve Bank of India. They also requested that the citizens report to the police or bank authority if they receive or spot fake currency.

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