Hyderabad: Police seize Rs 4 Cr cash, gold worth Rs 7.5 Cr within 48 hours of poll announcement
On October 10, around Rs 3.35 crore was seized from a four-wheeler while checking vehicles at Road No 3 in Banjara Hills. The money was being transported by Hawala operators
By Newsmeter Network Published on 11 Oct 2023 5:23 AM GMT
Hyderabad- Police have seized Rs 4 crore unaccounted cash and gold worth Rs 7.5 crore in Hyderabad within 48 hours of the election announcement.
When the election schedule was announced on October 9, Hyderabad police seized 7 kg gold and 300 kg silver from Abids. The gold and silver is worth 7.5 crore. Two people were arrested.
Abid Road police organized Nakabandi/vehicle checking. A vehicle was intercepted near Gate No 1, Nizam College. On checking, the police found some bags with gold and silver.
On inquiry, it was found that Sai Kumar (Driver), K.Venkatesh (Office employee), and M. Shiva Prasad (Office Accountant) are working in Caps Gold Pvt Ltd located at RP Road, Secunderabad.
They were transporting gold and silver material to their sub-branch situated at Modi Arcade, Gunfoundary, Abids, Hyderabad. Neither they produced the bills of gold & silver materials nor they gave a proper reply.
They showed one delivery paper which needs to be verified thoroughly through IT and GST Department and Static Surveillance Team (SST) of Election Cell for further inquiry.
Police have seized the material and further investigation is on.
On the same day, cops carried out a surprise check at 2 Puranapool Gandhi Statue and seized Rs 15 lakh during vehicle checking. During checking at Shaikpet, Rs 30 lakh was seized from Creta Vehicle. Likewise, Rs 9.3 lakh were seized at Panchasheela X road.
On October 10, around Rs 3.35 crore was seized from a four-wheeler while checking vehicles. The seizure was made at the TV-9 office signal junction at Road No 3 in Banjara Hills. The money was being transported by Hawala operators
Hanumantha Reddy, a private company employee, told the police that he and his three associates collect hawala money and deliver it to various places in twin cities. He told the police that to manage the hawala transactions; they opened an office a year ago at Plot no 583, Sai Krupa Building, Aurora Colony in Banjara Hills.
Prabhakar would get orders from customers for hawala money. On his directions, Hanumantha Reddy, Sriramulu Reddy, and Uday Kumar Reddy would collect and distribute the money as per the customer's requirements.
For delivering every Rs 1 crore of hawala money, they would charge Rs 25,000 as commission.
On Prabhakar’s orders, Hanumantha Reddy, along with others, delivered the hawala money they picked up from Begum Bazaar, Nampally, Goshamahal, and Jubilee Hills.
While transporting cash to their office in Aurora Colony, Banjara Hills in vehicle number, they were intercepted by the police at the traffic signal near the TV-9 office.
During a search of the vehicle, unaccountable cash up to Rs 3.35 crore was seized. A counting machine and the car used for transportation were also seized by the police. A case has been registered and the investigation is on.
Police have intensified vehicle checks in the city after the election commission implemented the Model Cold of Conduct in Telangana and other five poll-bound states on Monday. On the same day, Abids police seized 7 kg of gold biscuits and 295 kg of silver from a vehicle near Nizam College.
