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Brazilian currency gang busted; 5 arrested
The Punjagutta police on Thursday arrested five persons for attempting to exchange banned Brazilian currency worth Rs 1.17 crore.
​Hyderabad: The Punjagutta police on Thursday arrested five persons for attempting to exchange banned Brazilian currency worth Rs 1.17 crore.
On a tip-off that some persons were roaming near Big Bazaar at Ameerpet with Brazilian currency and were in search of gullible persons to exchange it with Indian currency, a team of Punjagutta police rushed to the spot and apprehended five persons.
The accused identified as M Mahesh (36), a labour contractor from Bowenpally, B Bhanu Chander (25) of Uppal, G Yadagiri Reddy (56) of Champapet, P Radha Krishna of Ramanthapur and S Bhavani Praveen (26) of Lakdikapul, were fixing a deal to exchange the banned Brazilian currency for Rs 38 lakh.
“Our team seized 1,000 Brazil Mil Cruzados from the accused. The currency was used in Brazil during 1986 and 1989, and was later banned. Each note is worth over Rs 23,000 in India. The accused wanted to cheat the victims by convincing them that it was genuine currency,” said Punjagutta ACP Venkateshwarlu.
The ACP said on interrogation, accused Mahesh said he, along with his friend, went to Mumbai and purchased the banned currency for Rs 30,000 in a shop. They brought it to Hyderabad and tried to exchange here for easy money. “We seized five bundles of Mil Cruzados worth Rs 1,17,43,340 and five mobile phones from the accused. Efforts are on to nab the prime accused,” he said.
