Money transfer racket busted in Hyderabad

ANI | Updated: Feb 23, 2018 00:02 IST

Hyderabad [Telangana] [India], Feb 22 (ANI): The police on Thursday busted a hawala money transfer racket in Hyderabad and nabbed three persons involved.

Officers of Commissioner's Task Force, Central Zone Team, seized Rs 27,90,000 and seven mobile phones from the arrested people namely, Deevi Madhusudhana Prasad, Sohanlal, and Kishore Kumar.

A currency counting machine and a fake press Identity card was also recovered.

Madhusudhana Prasad had been carrying out illegal Hawala money transfer business clandestinely and supplying money on commission basis at the rate of 0.6% to 0.8% to people.

The seized money has been handed over to Income Tax Department for further investigation.(ANI)