Hawala racket busted in Hyderabad; four held

The Central Zone Task Force busted an illegal ‘hawala’ racket and arrested four persons near Krishna Kant Park in Yousufguda here on Friday.

The Task Force seized Rs 1.4 crore and two cars from the arrested, who were identified as P Murali Chowdary, a civil contractor, S Rajesh, an accountant, K.Jagadish, a dentist and P Srinu, a car driver, all residents of Hyderabad.

According to the Task Force, following a tip-off, the teams intercepted two cars and found the gang in possession of the money stuffed in a trolley



suitcase.

“They were transporting the money without any documents. On inquiry, they were unable to provide the details or source of money. They were immediately taken into custody,” said P Radha Kishan Rao, DCP,Task Force.

Preliminary investigation revealed it was hawala cash. The details of the sender and receiver and the purpose of the transaction will be known during further investigation, police said.

The gang, along with the seized cash, was handed over to the Income Tax Department for further investigation.