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Sagar (Madhya Pradesh), Nov 19 (IANS) In a major crackdown on illegal money transfer networks, the Sagar district police stopped a vehicle on the Sagar-Bhopal road in Madhya Pradesh and recovered unaccounted cash worth Rs 4 crore, which is believed to be hawala money sent to Maharashtra.
Acting on specific information, a special team of Moti Nagar police station set up a blockade near Rahatgarh bypass at around 11 pm on Tuesday night. When the vehicle was signaled to stop, the occupants first tried to run away, but within minutes they were chased and surrounded. During vehicle checking, bundles of Rs 500 and Rs 2,000 notes were found cleverly hidden under the rear seats and in secret compartments.
Police sources said preliminary investigation revealed that the cash was being transported from Madhya Pradesh to Maharashtra through hawala.
“The matter has been handed over to the Income Tax Department,” a well-placed source told IANS.
Two passengers – a driver, who is a resident of Nagpur, and a co-passenger from Indore – were immediately taken into custody. Police sources said the duo failed to produce any valid documents for the huge cash amount, thereby violating income tax and RBI guidelines on movement of cash.
“The seized money is entirely the proceeds of hawala transactions. We have handed over the accused and the cash to the Income Tax Department for further investigation,” the source said.
Income tax teams of Sagar and Jabalpur have launched a detailed investigation to trace the transactions, source and ultimate beneficiaries of the funds.
Officials said that counting of notes has been completed under videography at Moti Nagar police station and Income Tax officials have been informed.
Sources say the police are trying to investigate whether the racket may be linked to funding any anti-national activity, although no link has been established yet. However, he said there is a possibility of further raids at multiple locations to reach the end point of the money trail, as clues recovered from the mobile phones of the arrested two could indicate connections with a larger network.
This is the second major hawala seizure in Madhya Pradesh, highlighting the tight surveillance by central agencies and the state police on the movement of cash during the election season. The accused have been booked under relevant sections of the Income Tax Act and IPC.
More arrests are likely to occur as the investigation progresses.
–IANS
SKTR/DPB