The Central Zone team of the Commissioner’s Task Force busted a hawala racket and arrested two persons for carrying out illegal money transfer.
The accused – Ankith Jain and Uma Kanth were arrested after a raid at Flat No 404, Surabhi Arcade, Ahuja Estates at Abids. The police also recovered cash of Rs. 1.25 Crore from their possession.
According to police, Ankith Jain, a native of Narsapur, West Godavari, settled in Hyderabad and he was running the business of illegal money transfer to various places like Vishakapatnam, Bhimavaram, Vijayawada, Delhi, Mumbai and other Metropolitan Cities through his agents. He was running the Hawala Business by taking a Flat on rent for Earlier, he used to run his Hawala Business from Troop Bazar from the year 2010.
On credible information, the Central Zone Task Force Team raided the Flat at Surabhi Arcade and apprehended Uma Kanth along with Ankith Jain and seized net cash of Rs 1.25 Cr, Counting Machine, Fake Note Detector, Slips of Hawala Transaction, Register and Cell Phone from their possession.
The above two persons along with seized cash and other material were handed over to Income Tax Department for further investigation. (INN)