Hyderabad: The sleuths of Special Operations Team, Bhongir Zone, along with local police apprehended Keerthi Kumar Jain for possessing unaccounted foreign currency.
Jain is into real estate business and resides in Goshamahal.
According to initial reports, the accused has collected the foreign currency of various countries from foreigners with an intention to exchange it into Indian currency and sell it black market.
The police have seized foreign currency worth Rs 2.93.
G. Sudheer Babu, Additional Commissioner of Police, Rachakonda, said the accused was running an illegal foreign currency exchange racket. He had hired agents on commission to buy the foreign currency. He had been operating this illegal business for the last few years.
The accused has been booked under the Foreign Exchange Management Act (FEMA) -1999, Section 3.
The SOT team caught him red-handed near Legend Hospital, Vanasthalipuram, with the foreign currency. The accused said he was leaving for Chennai to exchange the currency.
Authored by Mohammed Hussain