STOCK MARKET BSE NSE

Bid to Sell Illegal Foreign Currency Foiled

The Maradu Police on Friday caught four men red-handed while trying to sell obsolete Brazilian currency worth around Rs 36 lakh to a businessman at Tripunithura.

Published: 30th May 2015 06:00 AM  |   Last Updated: 30th May 2015 09:21 AM   |  A+A-

Foreign Currency

KOCHI: The Maradu Police on Friday caught four men red-handed while trying to sell obsolete Brazilian currency worth around Rs 36 lakh to a businessman at Tripunithura.

According to the police, the Thiruvananthapuram-based gang offered Brazilian Reais of denominations 1,000 and 500, which are not in circulation any more.

The Central Bank of Brazil had recalled the currency to help the country tide over recession.

“The group was trying to get rid of the outdated currencies and buy Indian rupees in exchange,” said Maradu sub-inspector A B Vipin.

Suresh Kumar, 41; Kattil Veetil Venu, 45; Mankuzhi Veetil (Kanyakumari) Abhilash, 35; and Christian Goswin, 34, were arrested while trying to cheat Sumod Mohan, a Kottayam-based businessman who runs a firm named ‘We Help’ at Tripunithura.

The police said the gang approached Sumod, who also deals in currency exchange, and offered to sell the Brazilian currency at the ‘cheap’ rate of Rs 15 per Real. As per the current market rate, the value of one Real is around Ra 19-21, though it is not exchangeable. A suspicious Sumod informed the police about the offer, who directed him to call the gang to the Vyttila Mobility Hub. They came with 68 Real currencies of denomination 1,000 and 354 currencies of denomination 500. Later, they were produced before the court, and were remanded for 14 days.

More Arrests in the coming days

The police suspect the involvement of a racket behind the botched attempt to exchange outdated Brazilian currency in Kochi on Friday.According to Maradu SI A B Vipin, the police have some clues about the source of the Real. He told ‘Express’ that more arrests would be made in the coming days, but  refused to divulge more information as it could affect the probe. Though Real is not a currency an average Keralite can lay hands on easily, it is not the first time people from Kerala are getting involved in fraud using outdated Brazilian currency.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp