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Hyderabad: Police have busted a major counterfeit currency racket on the outskirts of Hyderabad, arresting four persons and seizing fake 500-rupee notes with a face value of 6.78 crore rupees. The breakthrough followed a coordinated joint operation conducted by the Abdullapurmet police and the Shadnagar Special Operations Team of the Future City police. On November 1, investigators intercepted a car travelling along National Highway 65 near Ramoji Film City, leading to the apprehension of four occupants identified as Madupoju Karnakar, Chinnolla Manikya Reddy, Cherukupelly Rathnakar Reddy, and Karanam Ajay Kumar. Subsequent custodial interrogation revealed that the syndicate had been managing an illegal currency printing facility out of a rented house situated in Kuntloor.
Printing Equipment and Massive Cache of Fake Notes Seized
During extensive searches carried out at the rented accommodation in Kuntloor, police teams uncovered a full manufacturing setup established specifically to fabricate fake 500-rupee notes. Law enforcement officials recovered a laptop, high-end printers, specialized currency-cutting machinery, and other materials utilized to reproduce and process bogus bank notes. The total face value of the recovered fake currency notes stood at 6.78 crore rupees, marking one of the largest seizures recorded in the region. Technical personnel and investigating officers are currently analyzing the seized digital equipment and hardware to understand the production processes, source of raw materials, and the duration for which the clandestine facility had been functioning.
Accused Impersonated Police Personnel to Intimidate Targets
Investigators detailed that the gang adopted elaborate impersonation techniques to deceive and frighten people into submission. Members of the syndicate carried fake police identity cards, dummy pistols, and walkie-talkies to pose convincingly as law enforcement officers. In their initial phase of operations, the accused attempted to place the forged currency into general circulation by presenting high-ratio exchange deals, offering potential buyers 3 lakh to 4 lakh rupees in counterfeit notes for every 1 lakh rupees in authentic Indian currency. When this circulation strategy encountered practical difficulties and failed to deliver substantial returns, the gang shifted toward an aggressive extortion and cheating mechanism aimed directly at seizing genuine funds.
Gang Swindled Cash by Threatening Victims with Fake Raids
Under their altered modus operandi, key members of the group arranged meetings with interested parties, displaying authentic cash bundles to earn their initial trust and validate the deal. Once the prospective buyers were convinced and produced real currency, remaining gang members appeared abruptly on the scene posing as uniformed and plainclothes police officers. The fake officers flashed bogus credentials, brandished dummy weapons, and used walkie-talkies while accusing the targets of engaging in illegal currency trades. Exploiting the panic and confusion of the staged raid, the gang seized the authentic cash brought by the victims and quickly fled the scene. Police confirmed that the syndicate had recently executed two such operations, extorting 2 lakh rupees and 3 lakh rupees from individuals who were too terrified to resist.
Investigators are presently tracing financial trails, communication records, and prospective buyers across adjoining districts to unearth the broader distribution network connected to the gang.
