Hyderabad: Rachakonda police on Thursday nabbed a nine member gang involved in counterfeit currency creation.
The police seized duplicate notes, printers, ink bottles among other evidences. The accused were identified as O Venkata Krishna Reddy, K Shiva Ganesh, K Srinivas Reddy, Srikanth Reddy, C Nagendra Sudha Madava Reddy, Sorampudi Srinivas, Pilli Rama Krishna, Tota Santosh Kumar, and Peram Venkata Sheshaiah.
The police added that two other accused Nagi Reddy and Mastan are on the run. Venkat Krishna Reddy purchased two coloured printers and began printing fake notes of various denominations including those of Rs 100, 200 and 500. Reddy was assisted by Ganesh, Nagi Reddy and Mastan.
Other members of the gang built connections with those who were interested in purchasing counterfeit currency. The gang earned profit through the circulation of fake currency in the market. Rachakonda Police commissioner M Bhagwat said that the gang gave the currency notes to their customers at a ratio of 1:2 and the brokers were paid a commission of 30 per cent on every deal made by Venkata Krishna Reddy.
Krishna Reddy the primary accused printed the fake currency at his residence in Miyapur for the past few months. It is to be noted that Reddy has been involved in similar cases previously.
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