Hawala racket busted in Hyderabad

Tue 13 Feb 2018, 11:56:40
Taskforce police busted a hawala racket in the city and apprehended six persons. Police seized Rs.1.4 crore cash from the accused.

The accused have been identified as Jayesh Kumar Patel from Abids; his employees Vanrajsinh Bhamarsinh Chauhan and Patel Pradeep Kumar; Ganesh Satyanarayan Saboo, a hawala money collection agent for M/s Rayalaseema Steel Re-Rolling Mills Pvt Ltd; B Vigneshwar, hawala money collection agent for M/s Scan Energy & Power Ltd; and Arun Kumar Dadhichi, chief financial officer of M/s Scan Energy & Power Ltd.

Acting on specific alert, the North Zone team of Task Force intercepted Vigneshwar of Habeebnagar on Monday and seized a bag with Rs.65 lakh unaccounted money. Vigneshwar said he was going to deliver the amount at M/s Scan Energy & Power Limited, Rd No 7, Banjara Hills.

Another team of Taskforce sleuths intercepted Ganesh Satyanarayan Saboo at Abids and seized Rs.10 lakh. Ganesh said he was to deliver the money at M/s Rayalaseema Steel Re-Rolling Mills Pvt Ltd, Abids.
Police then raided Jayesh Kumar Patel’s Mahalaxmi Gems & Jeweller Mall in Chirag Ali Lane, Abids, and seized Rs.18.45 lakh cash. Police apprehended Jayesh and his employees, Chauhan and Kumar.Based on information from Jayesh, a search was conducted at M/s Scan Energy & Power Ltd office and Rs.47.35 lakh cash was seized from Dadhichi, which was delivered to him by Jayesh earlier.

“Jayesh migrated from Gujarat to Hyderabad in 2009 and from 2013 he started hawala business collecting 0.6% to 0.8% commission from clients. He has been doing hawala transactions amounting to Rs.20 crore a year,” Hyderabad commissioner V V Srinivasa Rao said.

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