Fake Currency Notes: 4 held for circulating fake currency notes | Hyderabad News

Hyderabad: Four persons, including a suspended bank manager, have been nabbed by Vikarabad police for their alleged role in circulation of fake currency notes. They were formally arrested on Saturday.Police said that they arrested businessman M Chandraiah, former bank manager E Jagadish, B Veera Venkataramana and photographer Shiva Kumar. They seized 8 lakh worth fake currency of 500 denomination from the accused. Police said the accused, by creating fake notes using a few softwares and printers, were circulating the fake notes by mixing them with genuine ones while trading at business establishments.Officials said that Jagadish, who was a bank manager at a public sector bank, was previously involved in alleged misappropriate of funds and he was suspended. Later, he was sent to jail after he was booked in a criminal case.After coming of jail, he allegedly joined hands with the other accused with a plan to circulate fake currency. Initially, the Vikarabad police caught Chandraiah, who was in possession of 90 fake 500 notes, on a tip-off at Tandur on Friday. Based on the information given by him, the other accused were caught at an apartment in Dundigal. They also recovered the remaining fake notes along with the gadgets.

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