Hyderabad man held for possessing counterfeit currency, cheating

Hyderabad: A 21-year-old man has been arrested in Hyderabad for possessing counterfeit currency notes of Rs 500.

The accused was identified as Vikram, a decor shop owner from Begum Bazaar and a native of Rajasthan. Vikram was caught by Assistant Sub-Inspector Janardhan Naik on September 25 while on patrol duty at Begum Bazaar.

During the enquiry, he disclosed that he was circulating counterfeit Rs 500 currency notes among petty vendors by taking Rs 400 change per note.

Upon searching, 16 counterfeit Rs 500 notes amounting to Rs 8,000 were recovered. The accused also disclosed that the counterfeit notes were obtained from a supplier named Ashok. Vikram was taken to the Goshamahal Police Station for necessary legal action.

He was booked for possession and sale of counterfeit notes under Sections 179 and 180 of the Bharatiya Nyaya Sanhita and cheating under Section 318(4).