The Visakhapatnam City Police have successfully dismantled a fake currency racket, resulting in the arrest of two individuals involved in circulating counterfeit notes. The breakthrough was a result of the efforts of the Visakha City Police, led by DCP Meka Sattibabu.
The arrested individuals are identified as Bhaskara Raju and Maddala Srinivas, who were apprehended red-handed while dealing with fake currency at Kakani Nagar. Further investigation revealed that Bhaskara Raju had recently initiated contact with an individual named Gani Raju from Annavaram, leading to their involvement in the illegal business.
The modus operandi involved Bhaskara Raju initially purchasing cigarettes from a Pan Shop in Annavaram. Convinced of the authenticity of the counterfeit notes after this transaction, a deal worth 30 lakhs was struck, involving fake currency notes with a face value of 3 crores.
The fake currency notes, appearing in black color, mimicked the original notes when exposed to liquid. Authorities have seized counterfeit currency amounting to three crores of rupees, three mobile phones, a car, and a significant amount of cash from the arrested individuals.
A case has been registered under section 489, and police teams are actively searching for the third accused, Gani Raju, in connection with the fake currency racket.
