The Chivvemla Police seized 596 banned Brazilian currency Cruzado notes here on Monday and arrested a six member gang. Chivvemla Sub Inspector K.Narasimha Rao told reporters that Durgaprasad and Basanta Babu, natives of Vijayawada, Mahesh and Ajay, residents of Guntur and Mohan Kumar from Suryapet formed a gang to circulate the currency in the district.
Each 1000 Cruzado currency note has a value of Rs. 24,000 when exchanged. During the enquiry the Police found that, they were being supplied by one Ramana from Chennai.
After getting currency from Ramana a week ago, they had sold 40 notes to one Vallapudasu Upendar of Durajpalli village under Chivvemla police station limits of Nalgonda district in Telangana for Rs. 40,000 saying that he can earn Rs. 24,000 by exchanging each note.
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The Sub-inspector said Mr.Upendar approached them as foreign currency exchange agents in Hyderabad, but refused to accept the currency. After conducting a through enquiry, Mr.Rao said that they arrested the five-member team and also another person Rampa Srinivas, who acted as middleman between Upendar and the five.
Meanwhile, the Chennai-based Ramana was absconding. The Police has constituted a team to nab the culprit. A case has been registered and the investigation is on.