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Hyderabad: Hawala racket busted, Rs. 5 crore seized

ANI  |  General News 

Hyderabad police on Monday busted a seven-member Hawala racket and seized cash worth rupees five crore and three vehicles from their possession, said Hyderabad City Police Commissioner Anjani Kumar here on Tuesday.

According to Kumar, the accused have been identified as Vipul Kumar Patel, Shailesh Bhai, Vipul Kumar Patel, Arjun Labhuji, Rajesh Rameshbai Patel, Upendra Kumar Patel and Patel Chetan Kumar.

"Based on a tip-off, the accused were apprehended near Jubilee Hills check post in Hyderabad by the sleuths of Commissioner's Task Force, West Zone Team on Monday. They also seized cash worth five crores, two cars and a Honda Activa Scooter from their possession," Kumar told ANI.

Further, he said: "During the investigation, it was revealed that the accused are running a business of illegal money transfer. They supply cash without any documents to the needy customers with an interest of 0.6 per cent through their company P Umesh Chandra and Company headed by Harshad Bhai Patel and Umesh, both hail from Ahmedabad. Their company has branches in Ahmedabad, Surat and Mumbai."

"The police got information that their company agents informed the accused to deliver cash worth five crores at their Mumbai office. Subsequently, we apprehended them along with the money," the official said.

An investigation in this regard is underway, he added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, August 27 2019. 18:12 IST