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The police on Wednesday busted a fake currency racket with the arrest of seven offenders, including the kingpin from Hyderabad, at Kavali in SPSR Nellore district.
A special team nabbed the offenders and seized counterfeit notes with a face value of ₹1.47 lakh in their possession. Probe conducted by the sleuths led by Kavali Deputy Superintendent of Police D. Prasad Rao revealed that the kingpin Md Shabbeer (50) had printed the counterfeit notes in Hyderabad and selected Kavali and its surroundings for circulating them through a network of accomplices without giving rise to suspicion.
As many 294 counterfeit notes in the denomination of ₹500 as also a computer and accessories including colour monitor, keyboard and special paper used for printing of counterfeit notes were seized from them.
The police are on the lookout for three others in connection with the racket. Others arrested in this connection were P Murali(37), M Seshaiah (32), Venkata Karthik Sumanth Reddy( 36), T Sudhakar(50), P Srihari(42), M Ramesh Babu(42), the police said.