Telangana: Forex racket active again

Hyderabad: The recent haul of foreign currency at the Rajiv Gandhi International Airport (RGIA) is an indication that organised syndicates are getting active in sending money abroad. Officials said that the smuggling syndicate is sending money abroad to purchase gold and other goods which have high resale value in India.

According to officials at the Directorate of Revenue Intelligence, smuggling of foreign currency had come down this year with two cases reported at RGI. Last year, six cases were reported at the RGI. The officials attributed a heightened vigil for the decline

However, after a lull, the smugglers struck again. The recent seizure of Rs 57 lakh worth foreign currency on August 17 is an indication that the smugglers are making determined efforts. Last year, officials seized foreign currencies, including US dollars, Australian dollars, UAE dirhams, Saudi and Omani riyals. Officials are not sure about the source of the foreign currency. Police is tracking down a few syndicates involved in exchange of foreign currency. “We suspect that those who have exchanged the ban-ned notes for foreign currency are trying to invest the money in gold,” he said.