HYDERABAD: A 54-year-old businessman along with four others were arrested by Khammam police on Saturday for palming off fake 2,000 rupee notes with 'Children Bank of India' printed on them.

Khammam Commissioner of Police Tafseer Iqbal said that they have seized 350 bundles of such notes from the accused .

According to the reports, Shaik Madar, who is doing milk and poultry business is involved in this scam of circulating fake notes for the past 20 years. He used to pass off the fake currency by taking original currency from people. Madar even told people that government soon to ban Rs 2000 and he used to offer five notes in return for one original currency.

The accused wife and their elder son assisted him in cheating and they were now absconding. while his nephew, his driver and two others who involved in this fraud were arrested by the police.

Police said that Madar used to keep one original note on top of the bundle of fake notes and circulate them.

This cheating came to light when an electrician lodged a complaint against them on October 26.

The electrician said that Madar has not given anything to him in return even after taking money from him and was attacked with a knife.

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