Hawala racket busted in Hyderabad, five held

A hawala transaction racket has been busted and five people were arrested, Hyderabad Police said on Friday, adding that Over 1 crore cash has also been seized.

M Eshwar Reddy, Rajesh Sharma, Ramraj Parmar, Prakash Singh and Vishal Sawanth were arrested by the commissioner's task force (East Zone) for their involvement in illegal money transfer on Monday, police said.

According to Hyderabad Police Commissioner Anjani Kumar, Rs 1,01,50,000 cash was also seized from the possession of the accused.

Acting on credible inputs, police intercepted M Eshwar Reddy in Gowliguda area with unaccounted cash of Rs 80 lakhs.

Based on the revelation made by Reddy, the police took into custody four others who were in possession of unaccounted cash of Rs 21.5 lakhs.

During an inquiry, the accused could not produce any valid document for the cash.

The accused along with the seized cash were later handed over to the IT Department for further investigation.