Central Crime Branch (CCB) sleuths raided a readymade garment shop in Chickpet and arrested four persons for running an inter-State hawala racket.
Based on a tip-off, a team raided M.M. Garments in Mamulpet and arrested Mangilal Jain (53), Ramesh Kumat (49), Rana Ram (35) and Babulal Sutar (38), and recovered unaccounted cash amounting to Rs. 17,60,800.
They also recovered 3.160 kg of silver, which the men claimed to have received from a customer.
Preliminary investigations revealed that they sent to and received cash from other States, including Maharashtra, Gujarat, Rajasthan and West Bengal on behalf of their customers.
“This is to avoid tax and also convert black money,” a senior police officer said.