Hyderabad Police busted a hawala racket in the city and arrested four people in connection with it on Friday.
An official press release from Hyderabad city police commissioner's office said that a car carrying the money was intercepted by the Task Force team of Hyderabad city police from Yousufguda.
The police seized cash worth one crore forty lakhs and twenty thousand, two four-wheelers and five cell phones from the possession of the suspects. The seized items and suspects were handed over to the Income-tax department for further investigation.
According to the release, the suspects were carrying the money without proper documents. On being asked, they failed to explain the reason as to why they were carrying such an amount of money.
The arrested suspects were identified as P Murali (33), a civil contractor, S Rajesh (34), an Accountant, K Jagdish (34), a dentist and P Srinu (40), the driver of the car.
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