Gang Printing Fake 2000 Currency Notes Busted

Hyderabad, Nov.26: Has demonetization, an exercise claimed to curtail fake currency, already met its nemesis?. This doubt reigned supreme after the police busted a gang involved in printing fake 2000 currency notes. According to the police, a gang of eight members was involved in printing fake currency notes of various denominations. Taking advantage of the plight of the people due to the cash crunch following demonetization of big notes, the gang printed the fake 2000 rupee notes and waiting to circulate them in the market. However, the plan boomeranged with the sleuths of Rachakonda unearthing the racket. Commissioner of Police of Rachakonda Commissionerate, Mahesh Bhagwat said that six members of the gang ---Jamalpur Sainath alias Babu, Gotte Anjaiah, Sakethwala Ramesh, Chikoti Satyanarayana, K. Sridhar Goud and A. Vijaya Kumar were arrested while two others Kalyan and Srikanth were absconding a manhunt has been launched to nab them. The Commissioner said fake currency to the tune of over Rs.2.23 lakhs, two colour Xerox machines and Rs.50,000 cash besides incriminating documents were recovered from them. The kingpin of the gang was Sainath, a butcher of Ibrahimpatnam. The gang, in the beginning, printed a small quantity of fake notes of small denomination and succeeded in circulating them in the market. After the denomination of 500 and 1000 rupee notes, the gang decided to make quick bucks by printing the new 2000 notes. The gang succeeded in printing the new 2000 notes and were planning to circulate them in the market when police on credible information swooped on a house in Ibrahimpatnam and busted the racket. The police recovered cash to the tune of Rs.50,000 besides fake currency notes of 10, 20, 50, 100 and 2000 denominations. The raids were conducted by Inspector M. Kasi Vishwanath assisted by Sub-Inspector and other staff of Rachakonda under the supervision of Commissioner Mahesh Bhagwat.