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The arrested accused have been identified as Yoganandam alias Yogesh (30) of Padmanabha Nagar, Andhra Pradesh-based Venkatanarayan alias Rajanna (60) and Hariprasad (53) were arrested.
Acting on a definite tip-off, police officials conducted an operation and arrested the accused while they were trying to circulate fake currency notes near Kadirenahalli Bridge.
Fake currency notes of Rs 500 denomination with a face value of Rs 88 lakh were seized from the accused.