Andhra Pradesh police unearths fake currency racket (Lead)

June 20th, 2008 - 10:01 pm ICT by IANS  

Hyderabad, June 20 (IANS) An international fake currency racket was busted here after arrests of four people and seizure of counterfeit notes with a face value of Rs.3.6 million, Andhra Pradesh Police claimed here Friday. The Hyderabad city police arrested two people in West Bengal and two others here Thursday. Three of the arrested were residents of Malda district of West Bengal.

Hyderabad police commissioner B. Prasad Rao told reporters Friday that the sophisticated counterfeit currency notes, in the denominations of Rs.500 and Rs.1,000, were smuggled into the country through the Bangladesh-West Bengal border.

“It is suspected that the fake notes were printed in Pakistan, smuggled into India through Bangladesh as part of strategy to destabilise the Indian economy,” he said.

A special team of the police commissioner’s Task Force went to West Bengal based on the information provided by a person arrested in Hyderabad with fake currency notes of value of Rs.10,000.

The team, with the assistance of West Bengal police, arrested Arun Kumar Saha, 35, and his brother Naba Kumar Saha, 28, in Malda district. They were brought here on a transit remand.

Other accused Mohammed Shoukat Ali, 37, a native of West Bengal, and K.V. Satyanarayana Reddy, 38, a native of East Godavari district in Andhra Pradesh, were also arrested Thursday in Hyderabad.

Ali was working on commission basis with Arun Kumar, Naba Kumar and their associate Tohur Shaikh, who in turn were getting fake notes from Notful Shaikh of Bangladesh.

Ali was supplying fake notes on commission basis to V. Kameshwar Rao and Reddy, both residents of East Godavari district.

Rao, who was arrested in Hyderabad June 15, provided leads which led to the arrest of four others. The police are on the lookout for other accused.

This is the second major fake currency racket to be unearthed in the city in less than a year. Police had Aug 25 last year busted an international racket and seized fake notes with a face value of Rs.23.6 million.

Six people, including a United Arab Emirates citizen Alkaz Khamis Obaid Ali, were arrested in connection with the racket. The gang was alleged to have links with Mumbai underworld don Dawood Ibrahim. Police had then claimed that the fake notes were brought via Dubai.

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