Hyderabad: A man was arrested by the Hyderabad City police on Saturday, February 1, for printing and circulating fake Indian currency.
The accused has been identified as Pabbati Murali Krishna, 38, a native of Guntur of Andhra Pradesh. He was arrested near Sri Ganesh Tiffin Centre, Bazar Ghat, under Nampally police station limits.
The police seized counterfeit currency worth Rs 11,10,500 in Rs 500 denominations and other incriminating evidence including the printing materials.
According to the police, the accused Murali Krishna has been making counterfeit currencies using his knowledge of graphic design and circulating fake notes in metro cities with the help of his associates.
Rs 500 fake notes racket busted in Hyderabad; Rs 5 lakh seized
The police said that he had been arrested thrice for making counterfeit currency, including the Kavali police station of Andhra Pradesh, and the Begum Bazar police station of Hyderabad among others. He was later released on surety bonds.
The police said that Murali Krishna was exchanging fake currency worth Rs 1 lakh in return for Rs 14,000.
The police have registered a case and further investigation is afoot.
