Hyderabad: The Balanagar police, along with Allapur police, busted a counterfeit currency racket on Saturday, February 3, and seized a total of 810 fake Rs 500 notes.
The accused, identified as Vanam Laxminarayana, printed fake currency using a screen printer, green foil paper, JK Excel bond papers, cutters, and a lamination machine for the green foil paper at his residence in Uppal after being inspired by a web series called ‘Farzi.’
Based on a tip-off, police caught his accomplice, Erukala Pranay Kumar, along with Rs 20,000 worth of fake currency notes at a fruit and vegetable market. He was testing the counterfeit notes on fruit and vegetable vendors there.
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According to reports, Vanam used to cheat people by mortgaging fake gold, and two cases were registered against him in 2023. Surprisingly, his family members were also unaware of his actions.
He had asked his partner to provide customers and also offered a share of profits. They had decided to sell the counterfeit currency in 1:4 ratios, police said.