Eluru: Fake currency exchange gang busted

Eluru: The district police arrested a gang involved in exchange of fake currency.

According to the superintendent of police K Pratap Siva Kishore a technician in ambulance Dondapati Phani Kumar received a phone call on July 28 with an offer to give Rs 44 lakh for Rs 10 lakh. When the technician replied that he could not arrange such a big amount, the gang member asked him to provide at least Rs 3 lakh in advance to avail the opportunity. Unmindful of the consequences, the technician arranged Rs 3 lakh on July 30.

When he shared the matter with his friends, they suspected that there was something wrong with the person asking for an advance. When Phani Kumar told the gang that he was ready to pay the balance, the gang members agreed to bring the money to a specified place behind the bus stand here on Saturday.

Meantime, Phani Kumar complained to the III-Town police as a precaution. As told by the police, he went to the place referred by the gang, which was caught by the police. They seized 94 wades of fake notes of Rs 500 denomination from the gang and a cell phone used to communicate with the victim.

The SP appreciated III-Town inspector Kagita Srinivasa Rao, Eluru CCS inspector Ch Murali Krishna and their staff for showing talent in nabbing the members of the gang.