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Gang dealing in foreign currency busted,Brazilian notes seized

Last Updated: Friday, August 23, 2013 - 17:31

Hyderabad: Four people including two businessmen from Kerala were arrested by Cyberabad police`s Special Operations Team (SOT) here today for unauthorised dealing in foreign currency.

The police seized 1,62,450 Brazilian currency Real worth about Rs 50 lakh from gang members who allegedly had an alleged intention to cheat the public within the Saroornagar police station limits, SOT`s Officer On Special Duty (OSD) K Goverdhan Reddy said.

Allegedly, Prema Chandra, a businessman from Palakkad in Kerala, who procured Brazilian currency from one Kareem, a native of the same state, used to sell them to the public here in an unauthorised manner without prior RBI permission, the the police officer said.

Chandra also encouraged his friend V Balaji Reddy, a civil engineer from West Godavari district to sell Brazilian currency.

Balaji Reddy told police interrogators that he joined the gang in order to earn easy money to finance his plans to establish an iron ore plant in Meghalaya, at a cost of Rs 100 crore.

The police also apprehended a computer salesman, C Krishnam Raju, a native of Kakinada in East Godavari district and another businessman called Haneef from Malappuram district of Kerala, who allegedly handed over the Brazilian real to Chandra.

Efforts are on to apprehend the racket`s main organiser Kareem, who is absconding, who would enable the police to reach the originator of the racket.

"A probe is on to find out if Kareem has any links with foreign countries and banned outfits," the police officer said.

The accused who were booked for cheating under sections of

the Indian Penal Code (IPC) and relevant provisions of the Foreign Exchange Management Act (FEMA) were handed over to the Saroornagar police along with seized Brazilian currency.

The case will be handed over to the Enforcement Directorate for further investigations, as per provisions of the FEMA Act, the police official said.


First Published: Friday, August 23, 2013 - 17:30

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