Three-member gang held, counterfeit currency notes with face value of ₹2 crore seized in Bhimavaram

The Bhimavaram police have arrested a three-member gang and seized counterfeit currency notes of ₹500 denomination with a face value of ₹2 crore during a raid on the gang in Bhimavaram town in West Godavari district.

The police led by Bhimavaram Circle Inspector M. Nagaraju conducted the raid with the support of their local source while the gang was engaged in a deal to supply the counterfeit notes to their receiver.

The CI said that the three gang members have been identified as Kovvuru Chandra Reddy of Bikkavolu in East Godavari district and Vemula Mohan Sai and Barre Sudheer of Jangareddygudem in Eluru district.

The modus operandi of the gang was to supply the counterfeit currency notes in exchange for the original currency at a lower cost for the buyer to circulate the counterfeit currency for profit.

The police also seized a car used by the gang. The police registered a case against the gang. The local court has sent them for judicial remand.