Hyderabad (Telangana) [India], October 29 (ANI): On credible information, the cops of Commissioner's Task Force, North Zone Team along with Saifabad Police busted an illegal Hawala money racket here on Wednesday.

The racket was operating from Fathemaidan Club out gate, LB Stadium in the limits of Saifabad Police Station. Police intercepted one Ford Endeavour car and apprehended one accused Abbagonolla Avinash Goud and found a huge amount of unaccounted cash.

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Telangana Police further said in a release: "On inquiry, it was revealed that the accused is running real estate business in and around Hyderabad and Coimbatore. To develop his business, he borrowed Rs 50 lakh from a person named Ramesh."

"Ramesh sent the money through a Hawala agent by identification with unique code and the accused Abbagonolla Avinash, received the net cash near Karachi Bakery, MJ Market with an intention to transport the same to Tamil Nadu for investment in real estate business and he failed to produce relevant documents pertaining to the cash transaction," it added.

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The apprehended accused along with seized cash Rs 50 lakh, one car and one iPhone have been handed over to SHO, Saifabad Police Station for further investigation. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)