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Money transfer racket busted: 7 held, Rs 5 cr seized
Telangana

Money transfer racket busted: 7 held, Rs 5 cr seized

Agency News

Hyderabad, Aug 27 : The city police have busted money transfer racket by arresting seven people. Police also seized net cash of Rs 5 Crore, two cars and one motorcycle from their possession. On credible information, West Zone Task Force team arrested Vippul Kumar (39) of Banjara Hills, Shailesh Bhai (49) of Kachiguda, Vipul Kumar (29) of Hyderguda and native of Gujarat, Arjun Labhuji (28) of Hyderguda and a native of Gujarat, Rajesh Rameshbhai Patel (31) of Hyderguda and a native of Gujarat, Upendra Kumar (55) of Kachiguda and a native of Gujarat and Patel Chetan kumar (39) of Kachiguda and a native of Gujarat near Jubilee Hills Checkpost on Monday when they were varying out illegal money transfer, City Police Commissioner Anjani Kumar told media here on Tuesday.

Explaining the case, Mr Anjani Kumar said that the accused persons were running the business of illegal money transfer-- supplying of cash without any accounts to the needy customers with the interest of 0.6 per cent by taking orders over their Cell Phones through their company—P Umesh Chandra & Company at Ahmedabad, Surat and Mumbai headed by Harshad Bhai Patel and Umesh of Ahmedabad. As per instruction of the company agents, when the accused persons were proceeding to deliver the cash of Rs 5 crore from Mumbai to their office in two cars on Monday, police intervened and arrested them. Further investigation is underway, the Commissioner added.UNI