Five persons arrested with Rs.1.5 crore unaccounted cash in Hyderabad

Hyderabad: The East Zone Task Force busted a ‘hawala’ racket and arrested five persons from two different places in Afzalgunj, police said on Friday. Officials seized Rs 1.1 crore from them. The arrested persons were M Eshwar Reddy (56) from KPHB Colony, Rajesh Sharma (43) from Gowliguda, Ramraj Parmar from Gowliguda, Prakash Singh (35) and Vishal Sawanth (29), both from Afzalgunj.

According to the police, the Task Force first caught Eshwar Reddy in Ashok Nagar in Gowliguda while carrying unaccounted cash of Rs 80 lakh in a bag. When questioned, he had no valid documents. Further enquiries



revealed that Eshwar Reddy was sent by one Raj Kumar, managing director of Dynamic Tools Limited to collect the cash from one Rajesh Sharma, Prakash Singh and Ramraj Parmar at Osman Shahi in Gowliguda, officials said.

Officials said, with the lead provided by Eshwar Reddy, the other four were caught and unaccounted cash of Rs 21.5 lakh, which was kept in a cash bag, was seized from them. They too had no valid documental account of the cash they possessed. The arrested persons along with the seized cash was handed over to the Income Tax Department for further investigation.