Counterfeit Currency / From YouTube tutorials to crime network: Fake currency gang busted

Hyderabad, Nov 5: In a major breakthrough against counterfeit currency operations, Hyderabad Police have busted a fake currency printing racket and seized counterfeit notes worth Rs 6.78 crore.

Four people have been arrested, while efforts are underway to trace three other suspects believed to be linked to the operation.

According to investigators, the mastermind of the gang learned the techniques of producing fake currency by watching YouTube tutorials and social media videos.

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He reportedly studied methods to scan genuine currency notes, edit their images using graphic design software and print convincing replicas.

The gang had allegedly set up a counterfeit currency unit in a rented house in Kuntloor on the outskirts of Hyderabad. Using colour printers, scanners, laptops and lamination machines, the accused mass-produced fake Rs 500 notes and prepared them for circulation.

The racket came to light after police intercepted a car and recovered counterfeit currency worth Rs 8 lakh. Subsequent raids on the rented house led to the seizure of fake Rs 500 notes worth Rs 6.70 crore packed in 134 bundles. The total value of counterfeit currency recovered during the operation stood at Rs 6.78 crore.

Investigators also revealed that the gang used an unusual method to cheat potential buyers. They allegedly lured customers by promising counterfeit currency worth Rs 3 lakh to Rs 4 lakh in exchange for Rs 1 lakh in genuine cash.

Once the victims arrived with real money, other gang members dressed as police officers and staged a fake raid using uniforms, walkie-talkies and toy guns. Amid the confusion, the victims were stripped of their cash while the gang escaped.

The arrests were made during a police operation near Ramoji Film City on National Highway 65 on November 1. Authorities have launched a hunt for the remaining accused believed to be involved in the racket.