Rs 50 lakh Hawala money seized in Hyderabad, one held

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The racket was operating from Fathemaidan Club out the gate, LB Stadium in the limits of Saifabad Police Station.

 

On credible information, Task Force, North Zone Team and Saifabad police busted an illegal Hawala money racket, in Hyderabad, on Wednesday.

The racket was operating from Fathemaidan Club out gate, LB Stadium in the limits of Saifabad Police Station. 

Police intercepted one Ford Endeavour car and apprehended one accused Abbagonolla Avinash Goud and found a huge amount of unaccounted cash.

"On inquiry, it was revealed that the accused is running real estate business in and around Hyderabad and Coimbatore. To develop his business, he borrowed Rs 50 lakh from a person named Ramesh”, Telangana Police said in a release.

As per the report, Ramesh sent the money through a Hawala agent by identification with unique code. 

The accused Abbagonolla Avinash, received the net cash near Karachi Bakery, MJ Market with an intention to transport the same to Tamil Nadu for investment in real estate business and he failed to produce relevant documents pertaining to the cash transaction.

As per the report, Abbagonolla Avinash Goud, was running Bar & Restaurant business in Madhapur previously. 

Besides Rs. 50 lakh cash, a car, and an iPhone were also seized. The accused was handed over to SHO, Saifabad Police Station for further investigation.
 

With inputs from ANI

Image credit: ANI

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