The Arilova police have arrested two persons of a three-member gang who were printing new currency using a printing machine and trying to circulate them.
The arrested were identified as M. Satyanarayana (35), resident of Kapparada area and A. Yugandhar (32) of Akkayapalem. Another accused Yellaji is at large.
According to Arilova Inspector Tirupathi Rao, Satyanarayana and Yugandhar used to do some petty business in the past. Apart from petty business, Yugandhar also used to run a photo studio in the city. Yellaji, resident of Old Goshala, got acquainted with Yugandhar and his friend Satyanarayana at the photo studio.
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After demonetisation, the trio decided to print the new currency with the help of a colour printer and use them for their expenses.
On Tuesday, Satyanarayana had given a fake 2,000 note to a petrol bunk for filling fuel. The petrol bunk authorities suspected some foul play and informed the police immediately, who rushed to the spot and took Satyanarayana into their custody.
After preliminary enquiry, Satyanarayana revealed the names of two others.
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"We have recovered the fake note and a few more of them, which were printed and ready to be distributed. In primary investigation, the accused revealed that they have not started circulating them in the city. However, we are yet to conduct an enquiry," said Tirupathi Rao.
Police said Yellaji has several snatching cases pending against him and a manhunt has been launched. The colour printer is yet to be recovered.