Fake currency racket busted in Khammam; four arrested
Police have busted a fake currency racket and arrested four members of a family and seized counterfeit currency worth around Rs 7 crore.
Khammam: Police have busted a fake currency racket and arrested four members of a family and seized counterfeit currency worth around Rs 7 crore. Commissioner of Police Tafseer Iqubal told the press here on Saturday that the racket was being operated with Sathupalli town as its centre. T
he main accused was identified as Shaik Madar, a resident of Gowrigudem village of Sathupalli mandal in the district. Madar was assisted by his wife Shaik Masthan Bee and their elder son Shaik Rameez and Madar's nephew Shaik Noushad who escaped, said the CP.
The police arrested Madar's driver Thota Hanumantha Rao along with his mediators Modem Saraiah and Gayam Venkata Narayana. Madar was accused of exchanging fake currency for original currency for the past 20 years.
The racket was busted following a complaint lodged by a person called Velagapudi Hari Babu of Kakarlapalli village of Sathupalli mandal with the Sathupalli police. In the complaint it was stated that the main accused and his mediators lured Hari Babu by offering five times of fake currency for original currency.
On October 26 Hari Babu went to Madar with Rs 2 lakh and and he was told to go to secluded place to get the fake currency. When reached the spot he was not offered the cash and on demanding the money as promised Hari Babu was beaten up and threatened with knives by Madar and his accomplices.
He then lodged a complaint with Sathupalli police regarding the incident. A case against the accused was booked under Cr.No. 344/2019 u/s 420, 307 R/w 34 IPC of Sathupalli police station. Rs 90,000 cash and two vehicles were also seized from the accused.
