Hawala Racket Busted in Hyderabad , police seize Rs 1.4 crore in cash

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Hyderabad police on Monday busted a hawala racket and arrested six persons and seized Rs 1.4 crore in cash.The racket, which was tracked and exposed by the North Zone Task Force, was being operated from the Mahalaxmi Gems and Jewellers on Abid Road.

The accused jewellery merchant turned hawala racketeer was allegedly operating an illegal business from Abids for the past five years. The seized cash was being exchanged between two companies based in the city and Odisha respectively.

Speaking to the media on Monday, the city Police Commissioner V.V. Srinivas Rao, IPS, said on a tip-off North Zone Inspector Nageshwar Rao and his team raided Flat no. 30 at III at Mahalaxmi gems & Jewellers Mall situated at Chirag Ali lane, Abids and apprehended six accused and seized Rs 1.48 crore currency, a counting machine, six mobiles and two motorcycles from the accused.

The CP said principal accused Jayesh Kumar Patel of Gujrat had migrated to Hyderabad in 2009 and started diamond and gold business at Abids. In the meantime, Jayesh Kumar Patel came into contact with Hawala agents and brokers and started Hawala money transfer business at Flat no.30, Mahalaxmi Gems & Jewellery mall

On receipt of the information, the North Zone Task Force personnel kept a vigil on the activities of the prime accused and raided his offices at Abids and Banjara Hills simultaneously and seized the amount and his five accomplices, who are identified as V.B. Chauhan Patel, Pradeep Kumar, Ganesh Satyanarayan Saboo, B.Vigneshwar and Arun Kumar.

The accused, along with the cash, were handed over to Income Tax officials. Police suspect the gang might have links with various agents, businessmen and firms in many cities in the country.

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