Hyderabad: Task Force of Hyderabad Police busted an illegal Hawala racket and recovered Rs 50 lakh unaccountable cash from a Ford Endeavour near Fathemaidan Club Outgate, LB Stadium in Saifabad Police Station limits.
Police also arrested Abbagonolla Avinash Goud, 36, who was shipping the cash. An MBA, he was born and brought up in Hyderabad. Previously he was running Bar & Restaurant business in Madhapur. He is now running a real estate business in Hyderabad and the Coimbatore district in Tamil Nadu.
Preliminary investigation reveals that he borrowed Rs 50 lakh from a known person identified as Ramesh of Chittoor district in Andhra Pradesh.
Ramesh transferred the money through a Hawala channel using a unique code. Abbagonolla Avinash received the cash near Karachi Bakery, MJ Market with an intention to transport it to Tamil Nadu for investing in the real estate business.
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.