The Srikakulam district police busted a gang of five persons circulating fake currency at the Andhra Pradesh-Odisha border near Mathala village in Kotturu Mandal and recovered fake currency amounting to over Rs 1.23 lakh, according to Deputy Superintendent of Police (DSP) Raju Prasad.
Five persons named Meesala Prakash, Ponturu Ramarao, Sheik Nabi, Ramachandra Sundararao Patro and Sasupalli Rajesh were arrested by the police on Friday.
"Fake currency of Rs 1,23,400 in total was seized from the five persons. Fake notes worth Rs 43,400 were seized from Meesala Prakash in the denomination of Eighty-two notes of Rs 500, one Rs 2000 note, one Rs 200 note, and two Rs 100 notes," Prasad told reporters here.
"Fake notes in denomination of Rs 500 notes worth Rs 20,000 each were also caught from four persons Ponturu Ramarao, Sheik Nabi, Ramachandra Sundararao Patro and Sasupalli Rajesh. Which amounts to a total of Rs 20,000 from each of them," he added.
The gang was allegedly cheating tribal people by circulating fake notes in the region.
The arrest was carried out by a team led by DSP Raju Prasad with Circle Inspector (CI) Ravi Prasad and Sub-Inspector (SI) Balakrishna, among others in it.
Investigations are underway to determine the source from whom the accused were getting the fake currency notes.
( With inputs from ANI )