The incident came into light when on Tuesday.

Vizag police bust gang printing fake Rs 2000 notes from photo studioImage for representation
news Demonetisation Wednesday, December 28, 2016 - 09:52

The Arilova Police in Visakhapatnam on Tuesday arrested two members of a three-man gang who were allegedly printing new currency using a printing machine.

The accused were identified as M Satyanarayana (35), a resident of Kapparada and A Yugandhar (32) who is from Akkayapalem. The third accused was identified as Yellaji.

Police told The New Indian Express that Yugandhar used to run a photo studio in Visakhapatnam, while Yellaji, a resident of Old Goshala, was a frequent visitor to the studio. After the demonetisation of high value notes on November 8, when the new Rs 2,000 notes were introduced, all the three accused decided to print the new currency with the help of a colour printer. They decided to run the operation out of Yugandar's studio.

The incident came into light when on Tuesday, when Satyanarayana paid a fake 2,000 note to Kailasagiri petrol bunk for filling fuel. The workers grew suspicious and informed the police.

Police immediately rushed to the spot and took Satyanarayana into their custody.

During the investigation, Satyanarayana revealed the names of two others who were involved.

"We have recovered the fake notes and a few more of them, which were printed and ready to be distributed. In primary investigation, the accused revealed that they have not started circulating them in the city. However, we are yet to conduct an enquiry," Arilova Inspector Tirupathi Rao told The Hindu.

The police has also launched a manhunt for Yellaji, who also had several 'snatching' cases pending against him.