Hyderabad: A 54-year-old businessman and four others were on Saturday arrested in Khammam district for allegedly palming off fake 2,000 rupee notes with 'Children Bank of India printed on them, police said.
As many as 350 bundles of such notes were seized from the accused, Khammam Commissioner of Police Tafseer Iqbal told a press conference in the city.
Shaik Madar, who was into milk and poultry business, has been involved in circulating fake notes for the past 20 years, said the official.
The businessman allegedly used to pass off the fake currency to the gullible people by taking the original currency from them, the official said.
Madar had told people that the government was going to ban Rs 2000 notes and offered them five notes in return for one original currency, he said.
Madar's wife and their elder son, who were now absconding, assisted him in the cheating, while his nephew, his driver and two others allegedly involved in the fraud were arrested, the official said.
The cheats would place one original note on top of the bundle of fake notes, and pass them on, he said.
The fraud came to light after an electrician lodged a complaint on October 26 saying he had given the accused - Madar, his driver and two others - Rs 2 lakh in cash in exchange for the notes, the official said.
The electrician, in his complaint, said he was not given anything in return (not even the fake notes) and was attacked with a knife when he demanded the currency, he added.
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