Five held with demonetised Brazilian currency notes
The Brazilian currency notes were banned by Brazilian goverment in 1989
By : DC Correspondent
Update: 2014-11-16 02:15 GMT
Hyderabad: The Commissioner’s Task Force has arrested a five-member gang on Saturday which was trying to sell outdated Brazilian currency in the city. The gang hailing from Mahbubnagar had Brazilian Cruzados worth Rs1.2 crore, but they were demonetised in 1989 by the Brazilian government. The gang had already sold the currency to one person taking Rs1.12 lakh convincing him that he can sell it for a higher amount.
After arresting them the police recovered 1,300 outdated 500 quinhentos cruzados from them. Cops said that one of the gangsters got the currency from his friends living in Bengaluru. The arrested people are G. Vishnu Murthy, 40, a trader from the industrial area of Mahbubnagar, Feroz Khan, 33, a real estate businessman from Kharkana Bazar, T. Ramachandrudu, 35, a businessman from Laxmi Narsimha Colony of Mahbubnagar, Sarvar Khan, 37, a trader from the Gulshan colony of Shaikpet, and B. Srinivas, 33, a businessman from First Lancer Road, Garden Towers, Masab Tank in Hyderabad.
Police said that Vishnu Murthy had suffered loss in business and was facing financial problems. When he asked for a loan from Feroz he advised him to contact his friend Sarvar Khan who was having outdated Brazil currency. “He advised him to sell the currency and earn a share out of it. They then hatched a plan to exchange the Brazil currency and invited the other accused to execute it.
Ten days ago, Feroz Khan got 20 notes of 500 quinhentos cruzados from Sarvar Khan and lured a person from Domalguda. They convinced the victim that each 500 denomination note of quinhentos cruzados is equal to Rs12,000, and they will give it to him at a discount. They exchanged the money for Rs1.24 lakh and cheated him,” DCP B. Limba Reddy said.
The gang again lured another customer and was waiting for him near the ICICI Bank near Begumpet Airport when the police team arrested them.