Police arrest four hawala traders; seize Rs 55 lakh

Vijayawada, Feb 1 (PTI) Police today claimed to havebusted a money laundering racket by seizing Rs 55.31 lakh andarresting four alleged hawala traders.

One Keerthi Jain, a local resident, was operatinghawala business with the help of some assistants, policesources said.

Acting on information, the police conducted a raid onhis residential premises last night and seized Rs 55.31 lakh.

Jain was unable to explain the source of the money, they said.

Police arrested Jain and his three assistants andhanded over the seized money to the Income Tax Department, thesources added.