Hyderabad: The south zone police along with officials from the Mirchowk police on Thursday arrested two persons for printing and circulating fake Indian currency notes in Hyderabad and other cities. They seized fake currency notes of Rs 2.5 lakhs from the accused.
The accused were identified as Syed Ansar (27) from Maharashtra and Shaik Imran (33) from Hyderabad. Another accused named Shaker is absconding. According to the police, Shaker was the main source of the fake currency notes.
The police seized fake Indian currency notes in denominations of 100, 200, 500 and 2000, altogether worth Rs 2,50,000.
The main accused, Shaker, ran a computer and xerox centre in Karnataka. According to the Hyderabad police, he masterminded printing of the fake notes and procured all the necessary equipment. After he started printing, he contacted his relative Syed Ansar and directed him to circulate the currency in the market.
For that, Shaker sold out the fake Indian currency notes to one Ansar in a ratio of 8,000 in real money to 50,000 fake money. Subsequently, Syed Ansar started re-selling the same to Shaik Imran in a ratio of 15,000 real money to 50,000 fake money for further circulation.
The South Zone police acted on credible information and along with the Mirchowk police, arrested the two accused at MGBS out-gate. Mirchowk police are investigating further.