On Saturday, the Keesara police busted a Karimnagar-based black money exchange racket and caught five persons at Shamirpet. Fake currency of worth of over Rs. 1 cr, and genuine currency worth Rs 1.3 lakh, a car, and other materials were seized.
The arrested persons were Subhash Chandra Bose (41), a Telugu film production manager from Sanathnagar, Mohd Azeez (35), a realtor from Karkhana Galli in Karimnagar, Mohd. Anwar ( 38), a driver from Peddapally district, Bhagya Laxmi (40), a private hospital nurse from Karimnagar, and Nagaraju (28), a driver from Abdullapurmet. Two suspects, Rajesh and Ravinder Singh, are absconding.
According to Mahesh Bhagwat, Police Commissioner, Rachakonda, Bhagya Laxmi shared the plan of exchanging black money and making a profit out of it, and Azeez got in the members to join them in the racket. Bose arranged Rs. 1 cr face value of fake currency notes from an art director from Krishna Nagar in Yousufguda by introducing Azeez as an ad filmmaker who needed fake currency. A junior artiste, Anwar Pasha, arranged a fake police uniform while Ravinder Singh and Bhagya were given the task of trapping clients. The complainant N. Raji Reddy met Bhagya, who told him that this year in December, the Rs. 2000 denomination currency would be banned, and some rich persons wanted to exchange their black money. He was told that for every Rs 1 lakh of legal tender, he would exchange Rs. 5 lakh. In the first week of September, near the Shamirpet ORR, Reddy met them with Rs 5 lakh.
The police said that before Reddy reached, Azeez dropped Nagaraju, Anwar, and Rajesh at a secluded spot on the Keesara outskirts. Nagaraju was to act as a police officer in uniform while the other two in mufti. After meeting Reddy, Subhash and Azeez took him in their car with the money bag pretending that the party was waiting for the exchange with the black money.
When they reached the spot, Nagaraju, along with the other two, stopped the car acting as police, and the gang fled the spot with the cash, leaving Reddy alone. Initially, Reddy did not approach the police fearing the consequences but later lodged a complaint with the police on Thursday. After which, the police in Keesara nabbed the gang.