Hyderabad: Marketing agent held for illegal money deal

Hyderabad: A marketing agent from Sindhi Colony has been apprehended by the Special Operations Teams sleuths for operating a hawala racket by maintaining contact through WhatsApp. The accused, Brij Mohan Sharma, 37, was collecting money from various agents and was lending it to needy persons.

Acting a tip that a person hailing from Rajasthan was indulging in illegal money transfer, the sleuths of SOT nabbed Sharma while he was going on a bike (TS 10 EE 0094) and found Rs 6.5 lakh cash in his possession. When the sleuths asked about the receipts for the money he was carrying, Sharma failed to show the relevant documents. He was immediately taken into custody for questioning.

SOT inspector (Malkajgiri zone) G. Naveen Kumar said that Sharma, a resident of Sindhi Colony, was working as a marketing agent. During his work, he came across several illegal money transferring agents and operators in the city and developed contacts with them. 

He then started working for some businessmen as a collection agent.

“Some businessmen in the city do business without giving receipts to their customers. Sharma was working for such people. Once the products are delivered to the customers, Sharma collects the money. 

“The businessman sends a code of identification with currency serial number to Sharma, who visits the customer and shows it to take the money. He alone collects about Rs 1 crore every day and delivers it to the businessmen, and also to some needy people for a commission of 0.6 per cent to 0.8 per cent,” said inspector Naveen.

The accused was also earlier arrested by the Chaitanyapuri police in a similar offence of illegal money transfer.

 “The businessmen wanted to evade tax by avoiding the transactions through a bank and avoid maintaining receipts. There are several such agents working in the city. Further probe is on to nab all such businessmen in the city.