Fake currency racket: SI, constable arrested

By Our Staff Reporter

VISAKHAPATNAM, SEPT. 24. Mr.P. Bijoyo, Anandapuram Sub-Inspector of Police, Mr. Krishnamurthy, constable, of the same police station on city outskirts and three others were arrested on Monday for their involvement in a fake currency racket running for nearly three years.

The SI and the constable have been placed under suspension for their alleged involvement in putting into circulation fake notes and aiding racketeers from Koraput in Orissa.

Three years ago, Bijoyo, as part of his duty, had once gone to Koraput in Orissa chasing a taxi, where he came in contact with one Prabhat Shetty at Hotel Koraput, who used to circulate fake currency notes. Both came to an understanding and through some agents here, used to exchange genuine currency with fake notes double the value.

The modus operandi of the SI and the constable within the city was to catch hold of a person, exchange fake currency for genuine ones and conduct ``a raid '' on him a little later and swindle some more money from him.

In this process Suresh Kumar Agarwal of Visakhapatnam, who had sustained loss in his business was lured with easy money through this racket. He was taken to Anandapuram on Saturday by a taxi driver Satyanarayana Reddy, a member of this gang and arranged for fake currency. As planned, Bijoyo intercepted the taxi and `caught hold of Suresh Agarwal with the notes'. He was promised fake notes valued at Rs.1.5 lakhs for Rs. 75,000 of genuine ones.

He was threatened with booking cases against him and producing court, but since the court at Bheemunipatnam had closed by then, he was asked to come to an understanding with them (cops) and get away by paying Rs. 3 lakhs in cash. After hard bargain it came down to Rs. 1.5 lakhs, the police said.

He was put in a lodge in the city with the help of one Basant Ram, a cook, and made Suresh Agarwal contact his relatives to fetch the amount. Suresh allegedly made an initial payment of Rs. 60,000 to wriggle out of the whole affair and promised to pay the balance amount after their relatives came with the amount.

The relatives of Suresh Agarwal grew suspicious over the whole affair and lodged a complaint with the Two Town police on Sunday, upon which Prabhat Shetty, Satyanarayana Reddy, and Basant Ram were arrested and with their help established the links in the matter with the sub-inspector and constable.

Mr. Y. Srinivasa Rao, Circle Inspector of Two Town, under the supervision of Mr. B.V. Ranga Rao, Assistant Commissioner of Police, is investigating the case. The Anandapuram police station falls in Visakhapatnam rural police limits and since the Deputy Inspector-General of Visakhapatnam Range is not in station, Mr. A.K. Khan, Commissioner of Police, has placed the SI and the constable under suspension.

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