India News | Fake Currency Racket Busted in Visakhapatnam, Two Arrested
Get latest articles and stories on India at LatestLY. In a major breakthrough, the Visakhapatnam City Police have dismantled a gang and arrested two individuals involved in circulating fake currency.
Visakhapatnam (Andhra Pradesh) [India], February 21 (ANI): In a major breakthrough, the Visakhapatnam City Police have dismantled a gang and arrested two individuals involved in circulating fake currency.
According to Visakha City Police DCP Meka Sattibabu, two individuals, identified as Bhaskara Raju and Maddala Srinivas, were caught red-handed while dealing with counterfeit notes at Kakani Nagar.
During the investigation, it was revealed that Bhaskara Raju had recently met with a man named Gani Raju from Annavaram, marking the beginning of their illicit business.
Bhaskara Raju first purchased cigarettes from an Annavaram Pan Shop, and once after being convinced of the authenticity of the counterfeit notes, a deal worth 30 lakhs was struck for fake currency notes valued at a staggering 3 crores.
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The fake currency notes in black color appeared to be original notes when dipped in liquid.
The authorities have confiscated fake currency amounting to three crores of rupees, three mobile phones, a car, and a substantial amount of cash from the accused.
A case has been registered under section 489 and the police teams are searching for the third accused Gani Raju. (ANI)
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