Tirupati: Fake currency racket busted, 4 held

According to Puttur DSP Ravi Kumar, the case came to light following a tip-off from a local provision store owner. The store owner informed the police after Ramesh and Esha attempted to exchange counterfeit notes at his shop in Mandi Veedhi, Puttur. The police reviewed CCTV footage, which confirmed the fraudulent transaction, leading to their arrest.

During the operation, police seized counterfeit currency notes worth Rs 2.36 lakh. They also confiscated uncut sheets of `100 and `500 notes, printing equipment and a car used for the distribution of fake currency. The arrested individuals have been remanded to judicial custody, with a further investigation underway to uncover additional connections in the racket.

In a statement, the DSP revealed that Ramesh, originally from Yelahanka, Bengaluru, had faced financial difficulties after his tractor financing business collapsed during the Covid-19 lockdown. In partnership with Munikrishna Rao, a resident of Srikakulam, they decided to print fake currency to recover from their financial losses. “Ramesh and Munikrishna Rao, long-time friends, had suffered stock market losses together. Desperate to recover their debts, they began printing counterfeit notes after watching YouTube tutorials. They procured the required printing equipment locally and practiced the process for about two months before they began circulating the fake currency”, DSP Kumar said.

Over the last three months, the group is alleged to have circulated counterfeit notes worth nearly `10 lakh in various regions, including Tirupati, Srikalahasti, Nellore, Venkatagiri, Chittoor and Puttur. DSP Kumar commended CI Surendra Naidu and the crime team for cracking the case. The accused have been remanded to judicial custody, with a further investigation underway to track additional links.