Brazilian currency racket busted in Hyderabad

Hyderabad: Punjagutta police busted a Brazilian currency racket and nabbed a five- member gang. Police said the gang was trying to sell the demonetized Brazilian currency Cruzados to others. Police seized 490 notes of 1,000 mil Cruzado worth nominally around Rs 1.17 crore in India.

The arrested are M. Mahesh, B. Banu Chander, G. Yadagiri Reddy, .P Radhakrishna and S. Bhavani Praveen. The mastermind who supplied the currency to them is absconding.

Police said the gang procured the banned currency from their handlers and were planning to sell it. Each 1,000 mil Cruzado is nominally equal to Rs 23,966 in Indian currency. They were planning to sell five bundles of the currency with 490 notes to a person for Rs 38 lakh in Indian currency.

Police nabbed the gang from Ameerpet and seized the demonetized currency from them. “The nominal value of the outdated Brasilian Cruzados in Indian currency is Rs 1,17,43,340. It was demonetized in Brazil long back. They were planning to sell it to ignorant people,” Punjagutta ACP M. Venkateswarlu said.
The arrested persons were produced before court and sent to judicial custody.