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Hawala money transfer racket busted in Hyd; six held

Press Trust of India  |  Hyderabad 

Police today claimed to have an illegal transfer racket and nabbed six persons from whom cash worth Rs 1.48 crore was seized.

"On credible information, police 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," 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 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 transfer agents in and developed contacts with them. As he found the illegal business of much profitable, he established a hawala 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 for further investigation, the release said.

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

First Published: Mon, February 12 2018. 20:20 IST
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