Twelve people were arrested here on Tuesday while trying to exchange Brazil's outdated currency notes, police said.
Police seized nine lakh notes of Cruzeiro, which was equivalent to over Rs.2 crore.
Sleuths of the Commissioner's Task Force, Central Zone Team also recovered three motorcycles and 12 mobile phones from their possession.
Cruzeiro was the currency in Brazil till 1994, when the country switched over to 'Real'.
Four other accused are absconding. All the accused are residents of various parts of Telangana and Andhra Pradesh.
According to police, the accused procured the outdated currency and were trying to exchange them by cheating the gullible people.
