Brazilian police near the border with Paraguay have exchanged gunfire with members of a gang who carried out what Paraguayan officials are calling the robbery of the century.

Three gang members were killed and two injured in the clash, police say.

On Monday about 50 men moved into a Paraguayan city blew up the front of a private security firm, and fired on police.

According to BBC News, unconfirmed reports suggest they could have stolen up to $40million.

After the robbery, the gang created a diversion by burning cars and attacking the local police station.

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