The city police have busted a hawala money transfer racket and nabbed three persons involved. ₹27.90 lakh in cash was seized from their possession.
The accused who operated the racket used to communicate with others through WhatsApp, by maintaining a code of identification with a unique currency serial number on ₹100 and ₹50 notes, police said.
Addressing a press conference here on Thursday, Hyderabad Commissioner of Police, V.V. Srinivasa Rao said, acting on a tip-off, the sleuths of the Commissioner’s Task Force, Central Zone Team, busted the hawala racket being operated from Gujarati Galli in Koti here.
The accused were identified as D. Madhusudhana Prasad (65), senior manager K.N.R. Constructions Ltd, Sohanlal (22), a resident of Gowliguda Chaman and Kishore Kumar (27), mobile shop owner and a resident of Sultan Bazar.
Mr. Rao said it was Balwanth Singh, a native of Rajasthan, who migrated to the city and started the hawala racket with Kamal and Vikram of Delhi and Shanker of Mumbai. “Finding the illegal business much profitable, he established the business, supplying money on commission basis at the rate of 0.6 % to 0.8%. However, Singh is still absconding,” he said.