Illegal money transfer racket busted in Hyderabad

An illegal money transfer racket was busted and four people were arrested in Hyderabad on Wednesday, police said. Net cash worth Rs 90,50,400 along with four bikes, three cash counting machines and other incriminating materials have been seized from their possession.

Hyderabad: Police busted an illegal money transfer racket and arrested four people in connection with the crime here on Wednesday. Net cash worth Rs 90,50,400 was seized by the police.

Acting on a tip-off, the Commissioner's Task Force (East Zone team) intercepted and apprehended four accused who were carrying out illegal money transfer at four different places in the city and seized four bikes, three cash counting machines and other incriminating materials from their possession.

The accused have been identified as Devesh Kothari(43) from Gujarat, Bhakti Prajapati (33) from Gujarat, Khan Bilal Naseem(27) from UP and Vishal Jain (24) from Telangana.

Police had taken the accused in its custody and are investigating into the matter.