In a major crackdown, the Chaderghat Police in Hyderabad have busted a fake currency racket and arrested one person. Police recovered counterfeit notes worth ₹94,000.
The case started when officials at Kotak Mahindra Bank, Malakpet, found 10 fake ₹500 notes (₹5,000) in a cash machine during a routine check on April 7. The bank manager immediately informed the police.
During the investigation, police traced the money to a bank account belonging to a 33 year old man, Ahmed Pasha, from Chandrayangutta. He was later arrested.
Police said the accused admitted that he got the fake notes from unknown people through social media. He had collected fake currency worth ₹94,000 from Shadnagar to use it like real money.
Out of this amount, ₹5,000 was deposited in the bank, while the remaining ₹89,000 (178 fake ₹500 notes) was found at his house.
Police also suspect that the main supplier of these fake notes may be from Gujarat. Efforts are ongoing to catch the main person behind the racket.
The investigation is still in progress and more details are expected soon.
