‘Big notes withdrawal will rid the system of fake currency’

Many such gangs pumped crores of counterfeit notes into the markets in the State. —File Photo
Many such gangs pumped crores of counterfeit notes into the markets in the State. —File Photo
The Centre’s decision to withdraw Rs. 500 and Rs. 1,000 notes will hit hard the operations of fake currency gangs, reportedly operating from Pakistan and Bangladesh.
Many such gangs pumped crores of counterfeit notes into the markets in the State. the police arrested many gangs at several places across the State in the last few years.
In most of the cases, the gangs roped in mediators from Malda district in West Bengal, a border district with Bangladesh. The investigation officers apprehended several operators from the district.
In 2014, the the Krishna district police busted a racket that had links in Pakistan and Bangladesh, arrested seven of the 11-member gang and seized huge quantity of fake currency from them.
One Naik, a native of Raichur in Karnataka, engaged Jalasutram Venkanna of West Godavari district to circulate the notes. They exchanged fake notes at 1:3 ratio in Vizianagaram, Srikakulam, Rajahmundry, Bhubaneswar, Kolkata (Howrah) railway stations.
In April this year, the Vijayawada City Police unearthed a racket and arrested the 13-member gang, including two from West Bengal. They seized fake notes with a face value of Rs. 8 lakh from them.
The accused — Saddam Hussain and Hassan Ali — natives of West Bengal, were procuring the currency from Bangladesh and Pakistan and exchanging in the markets in Hyderabad, East Godavari, Visakhapatnam and other places with the help of local agents, said then Deputy Commissioner of Police (DCP-Law and Order) L.K.V. Ranga Rao.
“The accused used rail transport for smuggling the counterfeit notes. The choose festivals, jataras and other religious events to exchange the fake notes in huge quantity,” the DCP said.
Police cracked many fake currency gangs being operated from Pakistan in Ongole, Visakhapatnam, Nellore, East Godavari and other districts.
The decision to impose ban on Rs, 500 and Rs.1000 notes will definitely control the fake currency in the state, said a police officer.