Hyderabad, March 24: City police today claimed to have busted a fake currency racket with the arrest of four youths of West Bengal, who allegedly possessed and indulged in circulation of counterfeit currency notes.
Acting on a tip off, the Chikkadpally division team nabbed the four suspects from Chikkadpally area, who were identified as Ruqumuddin Sheikh, Feroz Sheikh, Bhorjahan Sheikh and Shariful Sheikh, all hailing from Malda district of West Bengal and working as agricultural labourers.
The four youths came to Hyderabad a week ago in search of labour job and one Bullu offered them fake Indian currency and asked them to exchange the same in the local market with a promise to pay half of the earned amount to them, a police officer said.
So far the four youths had exchanged fake notes in local markets and made Rs 1.6 lakh, which was recovered from them.Besides 23 fake notes in the denomination of Rs 1,000 was also seized, he said.
Chikkadpally police have a registered a case under Section 498B (using as genuine, forged or counterfeit currency-notes) and 498C (possession of forged or counterfeit currency notes) of IPC against the four, police said.
-PTI