Hyderabad, March.15 (Maxim News): The L.B. Nagar police today arrested two persons, who were trying to circulate fake Indian currency in the market and seized Rs 6,20,000 fake currency notes from their possession.
The accused were identified as Sakethwala Ramesh, 34, of Pochammagadda in Ibrahimpatnam and Mohd Riyaz Baba, 28, of Patan Nagar behind Ibrahimpatnam old bus stand. Another suspect Mohd Hazi of Ibrahimpatnam was absconding.
Police said principal accused Ramesh, kingpin, was arrested previously on November 26 last in the counterfeiting of notes along with seven others of Ibrahimpatnam. Prior to his apprehension, Ramesh along with Mohd Riyaz Baba and Mohd Haji concealed large amounts of fake notes worth Rs 6,20,000 in the house of Mohd Riyaz Baba to circulate the same in Indian market with exchange of old currency notes. Ramesh, who was released from jail on January 20 met Mohd Riyaz Baba and decided to circulate the fake currency.
On credible information today, police raided the house of Riyaz Baba at Ibrahimpatnam and took the accused into custody and seized Rs 6,20,000 worth of fake Rs 2000 notes from their possession. (Maxim News)