Telangana: 1 arrested for illegal possession of foreign currency worth Rs 2.93 crore

Hyderabad (Telangana) [India], Aug 1 (ANI): Police have nabbed one person for illegal possession of foreign currency of different countries worth Rs 2.93 crore.
"The sleuths of Special Operations Team, Bhongiri Zone along with local police on the tip of information apprehended one person, Keerthi Kumar Jain - resident of Goshamahal, Hyderabad - for illegal possession of foreign currency of different countries collected from known people for exchanging into Indian currency through his sources. The value of seized foreign currency notes in India is Rs 2,93,27,265," said Mahesh Bhagwat, Commissioner, Rachakonda.
"The accused is into this illegal business since few years and secretly collecting the foreign currency notes from the travellers and exchanging them into Indian currency from illegal operating money exchange brokers on commission by deducting his commission and providing to the travellers and illegally operating this organised money exchange racket business which is punishable as per the Foreign Exchange Management Act - 1999 Section 3 (FEMA)," Bhagwat added.
The SOT team caught him near Legend Hospital, Vanasthalipuram, while he was standing with a brown color traveller bag. He was carrying foreign currency notes in bulk to exchange the same in Chennai. He started collecting the foreign currency from unknown foreigners and kept them in his possession to exchange the same when the rates get hiked to earn more money.
He decided to go to Chennai for exchanging the said notes and while he was waiting for a bus at Legend Hospital, Auto Nagar, Vanasthalipuram, the police caught him.
"Police seized US Dollar (874x100 and 5x50) worth Rs 60,39,085; UAE Dirham (91x1000, 100x100, 132x500) worth Rs 31,32,920, Saudi Riyal (2186x500) worth Rs 2,00,78,410 and Euros (2x500) worth Rs 76,850. The total value of the foreign currency in INR is Rs 2,93,27,265," the official said.
The SOT team along with local police seized all the foreign currency and two mobile phones from the person. The foreign currency has been handed over to Enforcement Directorate (ED), wherein the ED has initiated action under Section 3 and 4 of Foreign Enforcement of Management Act (FEMA) 1999.
A further matter is under investigation. (ANI)