Hyderabad: Hyderabad Police has claimed to have busted a raid and held currency racket with of four students, including one from Bangladesh, and seized fake notes with a face value of Rs. 3.81 lakh allegedly from them.
The arrested gang members Md Al Masrekin alias Sathy from Bangladesh, Razibul Hoque, Asif Iqbal and Minarul Islam, all students from different districts in West Bengal were allegedly engaged in exchanging of counterfeit currency in Hyderabad, a police release said.
The Bangladeshi student, along with the three other students, formed a gang and were allegedly circulating counterfeit currency in India with the help of prime accused Sofikul Islam and Shorif, both also from West Bengal, who are absconding, it said.
Sofikul Islam and Shorif supplied fake currency, the release said.
In July this year, the gang members circulated counterfeit currency with a face value of Rs. 6 lakhs, the release said. In September, the accused went to Visakhapatnam with fake currency of Rs. 6 lakhs and exchanged half of the amount in the market, it said.
On November 4, the four came to Hyderabad with fake currency of Rs. 5 lakhs face value received from Sofikul Islam and Shorif and shifted to a rented house in Bapu Nagar in Hyderabad and informed the landlord that they had come for studies, police said.
Purchasing a pen worth Rs. 50 by one of the gang members Razibul Hoque (with fake currency) at a shop in Koti area in Hyderabad on November 23 led to the arrest of all the four accused, the release said. A hunt has been launched to nab Sofikul Islam and Shorif, it said.
Police also seized 381 fake currency notes in Rs. 1,000 domination from them, it added.