Hyderabad: A fake currency racket was busted with the arrest of three persons and counterfeit notes with a face value of Rs 2.3 lakh were seized from them, police said on Sunday.
Acting on a tip-off, sleuths of the Commissioner`s Task Force (south zone team) apprehended the three accused -- M Ram Prasad, N Venkat Reddy and Laxmaiah -- from Begumbazar here last evening, they said.
Fake Indian currency notes in the denominations of 100 and 500 with a face value of 2.30 lakh were seized from their possession, they said.
Efforts are on to nab the prime accused Annavaram alias Srinivas and to identify the source of printing and circulation of the fake currency, police said.
The trio, along with the seized currency, were handed over to Begumbazar Police for further investigation, Commissioner`s Task Force Additional Deputy Commissioner of Police B Limba Reddy said.