Hyderabad [Telangana], October 31 (ANI): The Mahankali Police have busted a hawala money racket near City Light Hotel in Secunderabad and apprehended three persons in the case.According to an official release, the police also recovered over Rs 16 lakh from the spot.

Accused Nayi Lalitkumar Chunilal is a native of Gujarat while Ashok Singh is a native of Rajasthan. The third accused is Nareddy Laxmikanth. Police said that Chunilal and Singh were residing in the limits of Begum Bazar, Hyderabad and working as hawala agents in around Hyderabad as well as other States.

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They came in contact with those involved in hawala transactions. They transported Hawala money from one place to another on 5 per cent commission per lakh and shared the profits, according to the police.

"On 30 October, the accused persons-- Nayi Lalitkumar Chunilal and his associate Ashok Singh transported huge amount of unaccounted amount in a Honda Active for delivery to a customer Nareddy Laxmikanth Reddy near City Light hotel, Secunderabad, according to the police. Meanwhile, on credible information, the police apprehended them and seized the hawala money, police said. (ANI)

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(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)