Hyderabad man held for illegal possession of foreign currency worth Rs 2.93 crore

A man in Hyderabad was arrested by the police for the illegal possession of foreign currency worth Rs 2.93 crore. The foreign currency has been handed over to Enforcement Directorate (ED), wherein the ED has initiated action under Section 3 and 4 of Foreign Enforcement of Management Act (FEMA) 1999.

Hyderabad: Police have nabbed one person for illegal possession of foreign currency of different countries worth Rs 2.93 crore.

"The sleuths of Special Operations Team, Bhongir Zone along with local police apprehended one person, Keerthi Kumar Jain - resident of Goshamahal, Hyderabad - for illegal possession of foreign currency of different countries. The value of seized foreign currency notes in India is Rs 2,93,27,265," said Mahesh Bhagwat, Commissioner, Rachakonda.

The SOT team apprehended the man near Legend Hospital, Vanasthalipuram, while he was standing with a brown-colour traveller bag. He was carrying foreign currency notes in bulk to convert the same in Chennai.

He decided to go to Chennai for exchanging the said notes and while he was waiting for a bus at Legend Hospital, the police caught him.

"Police seized US Dollar (874x100 and 5x50) worth Rs 60,39,085; UAE Dirham (91x1000, 100x100, 132x500) worth Rs 31,32,920, Saudi Riyal (2186x500) worth Rs 2,00,78,410 and Euros (2x500) worth Rs 76,850. The total value of the foreign currency in INR is Rs 2,93,27,265," the official said.

The SOT team along with local police seized all the foreign currency and two mobile phones from the person. The foreign currency has been handed over to Enforcement Directorate (ED), wherein the ED has initiated action under Section 3 and 4 of Foreign Enforcement of Management Act (FEMA) 1999.

Further investigation into the matter is currently underway.