Federal Police deals severe blow to illegal currency exchange ring

The Federal Police carried out a series of raids in six illegal currency exchange outlets in Palermo and in the exclusive Nordelta gated community, in the Greater Buenos Aires area of Tigre.

As requested by the AFIP tax agency, the investigation began three months ago as the police wiretapped the cell phones of the people involved in the illegal operations network.

The Security Policy Undersecretary, Darío Ruiz, said that “three to four people” had been detained.

“There transactions were in the millions,” security forces said, although they did refrain from being specific as to the actual amounts “in order not to hinder the investigation.”

“This is a severe blow to a ring that was illegally Trading foreign currency,” he explained, adding that “they are still investigating the different locations used by the main suspect,” who was directly targeted by the AFIP.

Despite not being able to disclose the identity of the leader of the organization, he said that “this person led a very ostentatious life,” and that he also “owned luxury vehicles and properties that far exceeded his tax record.”

At least 35 police officers took part in the raids, in which they seized US dollars, Euros and Brazilian reales that were being traded illegally.