Police nab two gangs dealing with fake currency in Visakhapatnam

Visakhapatnam police, on Tuesday, nabbed two gangs for dealing with fake currency and demonetised notes in the city.

The crime came to light when the police received a complaint that a group of people had threatened a shopkeeper on gunpoint to exchange old notes. Reportedly, the police arrested 13 persons involved in the act and recovered Rs one crore ninety-seven lakhs from them. The cops also seized a revolver, an SUV with fake number plates and walkie talkies while nabbing the members. One of the accused gang members is known to be absconding.

Acting on another case that was registered at MVP Colony Police Station on 18 August in Visakhapatnam, the police took four people into custody for dealing with fake currency in the city. As per reports, K Padmavathi (43), M Lakshmi (46), N. Sivan Narayana (49), and  M. Rajeswara Rao (60), were arrested by the police on Tuesday for promising the complainant an amount of Rs 3 lakh worth counterfeit notes in return for Rs 1 lakh in original currency.

The police recovered above Rs 1 lakh cash, demonetised notes, cell phones, paper cutting machines and other material from the accused.

“The gang did not have any counterfeit notes. They just cheated gullible people by using chemically coated original notes. Greed to earn easy money appears to lead people like Nagesh into such traps,” ACP Sravan Kumar was quoted as saying.