Rs 500 Fake Notes Trigger Panic In Nizamabad
- Rs 500 Fake Notes found at Canara Bank in Varni mandal
- Rs 500 Fake Notes case puts farmer under scrutiny
Hyderabad: Rs 500 fake notes triggered panic in Varni mandal of Nizamabad district after bank officials detected counterfeit currency at a local Canara Bank branch. The incident came to light when a farmer visited the bank to repay a crop loan. The detection caused concern among bank staff and residents in the area.
According to the information available, the farmer brought a total cash amount of Rs. 2,08,500 to the bank. He reached the Canara Bank branch on Thursday afternoon to make the payment. The farmer handed over the cash at the counter as part of his loan repayment process. However, the situation changed when bank staff began counting the money.
Meanwhile, during verification, the bank officials identified the entire amount as counterfeit. All the notes were Rs. 500 denomination notes. The discovery immediately created a stir within the branch. Therefore, the staff alerted senior bank officials about the fake currency found during routine counting.
Rs 500 Fake Notes detected during loan repayment
The farmer involved in the case was identified as Naredla Chinna Sailu. He belongs to Jalalpur village in Nizamabad district. He had earlier taken a crop loan from the same Canara Bank branch. On Thursday, he returned to the bank to clear the loan by paying the cash amount.
Later, while the bank staff continued the verification process, they confirmed that the full sum of Rs. 2,08,500 was counterfeit. The matter did not stop at the counter. Bank officials promptly reported the issue to higher authorities within the bank. The discovery raised serious concerns about the circulation of fake Rs 500 notes in the region.
Also, the incident caused tension in Varni mandal, as news of the counterfeit currency spread quickly. The presence of such a large amount of fake notes added to the panic. Officials treated the matter seriously due to the volume of the counterfeit cash involved.
Then, attention shifted to the farmer after the detection. The case highlighted the risks faced by banks during cash transactions. It also underlined the importance of verification during loan repayments. Authorities continued to look into the matter after the bank informed senior officials. The incident remains a point of concern for both banking staff and local residents in Nizamabad district.
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