"On credible information, police busted the racket which was being operated from a flat in Chirag Ali Lane of Abids, and apprehended six persons. A sum of Rs 1.48 crore was seized from their possession," Hyderabad Police said in a release.
Prime accused Jayesh Kumar Patel, who belonged to Gujarat, was among the six accused who were nabbed by police.
He came to Hyderabad in 2009 and was earlier into diamonds and gold ornaments business at Abids in the city.
"During the course of time,Patel came across several hawala money transfer agents in India and developed contacts with them. As he found the illegal business of hawala much profitable, he established a hawala money transfer office at his flat by hiring few employees," according to the release.
Patel has been conducting the illegal money transfers on a commission basis at the rate of 0.6 per cent to 0.8 per cent to the needy, police said.
The accused and the seized material are being handed over to Income Tax department for further investigation, the release said.
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