Rio visitors were the target

Hyderabad: The gangs, busted by the police recently for circulating Cruzeiros and Cruzados, wanted to target Indians going to the Rio Olympics. Since they could not find potential customers, they were selling it to money exchange agents in the black market and to realtors. In these cases, the local agents had put in lakhs to get the currency notes. The local agents were promised that they would get 30 to 40 per cent profit.

“The potential buyers are greedy. They want to buy it cheap and sell to others for huge profit. Many do not realise that the notes are worthless,” said detective inspector Lakshmi Narayana Reddy. Police said the arrested agents and their buyers had only one intention. “Make money. They thought the currency was still valid and there was no harm in buying and selling it,” said another officer. Those who purchased the notes are now stuck with the cash. “They will either have to throw away the currency or try selling it to others, which would attract a case against them,” said a task force official.