Fake currency racket busted, five held

City police today busted a fake currency racket with the arrest of five persons and seized fake notes with a face value of Rs 4.68 lakh from them.
Based on a tip-off, sleuths of the Commissioner's Task Force (South Zone) apprehended the five accused at Chandrayangutta here and seized Rs 4.68 lakh counterfeit Indian currency of Rs 1,000 and Rs 500 denominations.
The accused identified as Mohd Ismail of West Bengal, Mohd Irfan, S K Azam, Md Haneef and Gulam Rasool; belonging to different areas of the city allegedly indulged in procuring and exchanging counterfeit currency, police said.
"About five months back, one counterfeit currency supplier Pyara Mohammed alias Pappu, also from West Bengal, came in Ismail's contact and offered him help in circulation of high quality fake currency," Additional Deputy Commissioner of Police N Koti Reddy said.

"Ismail agreed on his proposal and accordingly two months back Pyara Mohammed handed over fake currency with face value of Rs 5 lakh to him for circulation, which was done successfully along with the help of others. Again, about one week back, Mohammed handed over counterfeit currency notes with
a face value of Rs 8 lakh to Ismail," the senior police officer said.

In the meanwhile, police nabbed Ismail and others.
A hunt has been launched to nab Mohammed, who is absconding.
The fake currency is suspected to have been printed in Malda district of West Bengal and sent to Hyderabad through Ismail for circulation, Reddy said adding that efforts are on to apprehend the absconding accused and identify the source of the currency.