Crackdown on Hawala Racket: Police Seize Rs 4.05 Crore

Police arrested two individuals involved in a hawala racket, seizing Rs 4.05 crore. A complaint was filed about a cash-RTGS fraud where Rs 50 lakh was given for a promised Rs 60 lakh return. The accused admitted cheating in the RTGS scheme and dealing in hawala money.

In a significant breakthrough, law enforcement authorities nabbed two individuals allegedly connected to a hawala racket, seizing a staggering Rs 4.05 crore. The arrests came after a year-long investigation triggered by a complaint concerning a cash-Real Time Gross Settlement (RTGS) transaction scam.

A local resident had accused the suspects of defrauding him and his friends of Rs 50 lakh, promising a return of Rs 60 lakh via RTGS. This complaint set the stage for a meticulous probe, ultimately leading to the suspects' apprehension in Mahabubnagar District by vigilant Bowenpally police, thanks to a tip-off about their movements.

During interrogation, the suspects conceded their involvement in the August 2024 RTGS fraud and further disclosed their role in transporting Rs 4.05 crore in hawala money from Nagpur to Bengaluru. These developments underscore the extensive networks underpinning such fraudulent financial activities.

(With inputs from agencies.)