Hyderabad, Nov. 13 -- The city police have busted a counterfeit currency racket by arresting eight persons. Police seized Rs 4.75 lakh in fake Rs 500 notes, a car, three two-wheelers and nine mobile phones from their possession.
In a joint operation, the Mehdipatnam Police and the Commissioner's Task Force (South West Zone) arrested eight suspects at Eidgah Grounds on Wednesday night when they were in possession of counterfeit notes.
A police statement said the prime accused, Kasthuri Ramesh Babu, a car mechanic from Tandur, was manufacturing the fake notes at his residence with the help of his sister. He had previously been arrested in similar cases in Gujarat and Hyderabad.
During interrogation, he led the police to his house, where eq...