Hawala racket busted in Beed city; Rs 17 lakh cash seized

Beed, Nov 18 (PTI) With the seizure of Rs 17 lakh in cash, police on Tuesday claimed to have busted a hawala racket in Beed city of central Maharashtra.

Beed sub-divisional police officer (SDPO) Pooja Pawar and her team busted the hawala racket and detained one person, an official said.

According to police, SDPO Pawar received information that hawala transactions were being carried out in an apartment in the Masarat Nagar area where a cash market was reportedly active.

Acting on the tip-off, Pawar and her team conducted a raid on Monday evening and recovered Rs 17 lakh in cash from the premises.

Police detained one person at the spot and the process of registering an offence was currently underway, according to the official.

A hawala racket is an illegal financial activity that operates outside the official banking system to transfer money. PTI COR RSY