Hyderabad, Nov 18: The city police successfully busted a hawala racket by apprehending two individuals.
Police seized net cash of Rs 10 lakhs, one two-wheeler, and two mobile phones from their possession.
Acting on credible information, the Central Zone Team of the Commissioner’s Task Force apprehended two individuals, V Chandrasekhar (34) of Uppal and Prabhakar (42) of Uppal, near Goshamahal Ground, towards MJ Market Road, in the jurisdiction of Shahinayathgunj Police Station on Thursday night. The suspects were transporting net cash of Rs 10 lakhs without any relevant documents, according to a police statement.
Investigations revealed that the respondents had contacts with hawala money transfer agents and were involved in organizing illegal hawala money transfer businesses clandestinely on a commission basis to earn easy money illegally and evade taxes for the Income Tax Department.
During the night hours, the suspects collected Rs 10 lakh from a businessman in the limits of Begum Bazar with the intention of delivering the amount to customers in the Shah Inayat Gunj area.
While traveling on the Jupiter vehicle, they were intercepted by the Central Zone Team, leading to their apprehension.The respondents failed to disclose details about the cash bills, including the source of the amount. The seized unaccountable hawala amount of Rs 10 lakhs, along with the Jupiter vehicle and two mobile phones, were confiscated.
The arrested respondents, along with the seized material, were handed over to the SHO, Shahinayathgunj PS, for further investigation.
