Would-be thieves excavated the 500-metre long tunnel leading to the Bank of Brazil beneath the city of Sao Paulo.
This after authorities discovered an elaborate tunnel stretching almost 1,500 feet connecting a branch of the Bank of Brazil to a neighboring house. Had the robbery been successful, it could have been the 'biggest bank robbery in history, ' reported Dailymail.
Sixteen men have been arrested after Brazilian police officers discovered the huge tunnel under a Sao Paulo branch of the Bank of Brazil.
Sao Paulo: A gang of robbers was held by the Brazilian police, who planned to accomplish the biggest bank heist in the history. Police said the tunnel is big enough for an adult to stand up inside it, as per the Brazilian media.
The gang spent four months excavating the passage before completing it last Wednesday.
More than R$1 billion - or $318 million - were at stake. The gang spent $1.27 million to build the tunnel from a rented home nearby.
The targeted bank vault reportedly contains over $300 million.
Police revealed that although they had not yet tunnelled into the vault they had made it to the shell. They have also confirmed that all the leaders have been arrested. Eight people were arrested the following day.