Foreign currency worth Rs.2.9 cr seized in Hyderabad

Hyderabad: The Rachakonda Police Special Operations Team along with the Bhongir police nabbed a realtor from Goshamahal on charges of illegal possession of foreign currencies of different countries here on Thursday. He was trying to exchange them with Indian currency. Police seized currencies valued at a total of Rs 2.9 crore from him.

The arrested person was identified as Keerthi Kumar Jain (54), a native of Narsapuram in West Godavari of Andhra Pradesh. He was running an illegal foreign currency racket through illegal brokers on commission basis and earned profits on illegal exchange of foreign currency, police said.

 

“He secretly collected foreign currency notes from travellers through his associates. He further exchanged them with valid Indian currency with the help of illegally operating money exchange brokers,” police said, adding that he deducts his commission and hands over the exchanged



currency to clients.

According to the police, Jain who was in possession of the foreign currency was waiting for a chance to exchange them in bulk in Chennai. He had collected them from many people including foreigners and waited to get them exchanged when their value increased in the market.

Following a tip-off, the SOT team from Bhongir caught him while he was waiting to take a bus to Chennai from near the Legend Hospital in Auto Nagar in Vanasthalipuram.

“A bag was seized from his possession carrying different foreign currencies. Two mobile phones too were seized. He along with the currency were handed over to the Enforcement Directorate for further investigation,” police said.

The ED has booked a case under sections of the Foreign Exchange Management Act (FEMA) and took up investigation.