Two men have been arrested with Rs 9 lakh in cash reportedly meant for 'hawala' transaction in Rajasthan's Kota, the third such incident in the city since the government launched the demonetisation drive in November.
Surendra Sharma, 40, and Om Prakash Soni, 35, were arrested near Sabjimandi area of the city last evening.
Sharma, a resident of Etawa, and Soni, of Santoshinagar area, were stopped at a check post when they were apparently going to make the exchange, said Rampura city Kotwali SHO Ramnath Singh.
When questioned about the Rs 9.20 lakh cash they were holding, they could not reply satisfactorily, and thus were arrested, Singh said.
Initial investigation suggested the two were likely to be the carriers of a 'hawala' racket, the police official said, adding that the two would collect money from various sources and transfer it to destinations within the state or outside.
Since the demonetisation of high-value currency notes on November 8, its the third seizure of illegal cash in Kota. The two previous seizures yielded Rs 17 lakh.
Disclaimer: No Business Standard Journalist was involved in creation of this content
