Mulugu (Telangana): The Mulugu district police have arrested a gang of eight offenders and recovered demonetised currency and fake notes worth Rs 1.65 crore from them at Venkatapuram here. The gang was transporting the counterfeit currency to Uttar Pradesh to bring it into circulation among the public. SP Sangramsingh G. Patil said that the gang was busted on Thursday following a tip off about the circulation of fake currency.
While checking vehicles in Venkatapuram, the police intercepted the eight accused when they were travelling in two cars. They were found in possession of fake currency notes of Rs 1,000 and Rs 500 denominations amounting to Rs 1.65 crore. The two cars, 9 phones, and Rs 5 thousand cash were seized from them.
The arrested accused have been identified as Pappu Nagendrababu and S Nagalingeshwara Rao (both from Suryapet district), M Sambashiva Rao of Bhadrachalam, Bejjanki Satyanarayana of Mulugu, V Shivaraj Patil from Narayanpet district, G Yadagiri Reddy and Thakur Ajay Singh from Hyderabad, and Rajath Singh, a native of Chhattisgarh.
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Police said that Nagendra Babu wanted to overcome his mounting debts by starting a business that would bring high profits with low investment. In this process, he met his friend Nagalingeshwar Rao alias Nagesh. Nagalingeshwar Rao believed that a Baba from Uttar Pradesh who has a network to convert fake notes into genuine currency. Then, Nagendra Babu mobilised money and began his activities to make quick money out of fake currency. The gang was nabbed when it was trying to transport the currency notes to UP-based Baba.
