The police said that the accused failed to provide proper account statements for the money in his possession.
While the offense of money laundering is booked under the 2002 Prevention of Money Laundering Act, the police have not booked the accused yet. (Creative Commons)
The Hyderabad City Police on Thursday, 29 September, arrested a 30-year-old scrap dealer from the Masab Tank area on allegations of money laundering to the tune of ₹1.24 crore.
The police identified the accused as Shoaib Malik, a native of the Meerut district in Uttar Pradesh and a scrap dealer by profession.
While the offense of money laundering is booked under the 2002 Prevention of Money Laundering Act, the police have not booked the accused yet.
“The investigation is going on as the accused was arrested late in the evening. We will produce him tomorrow (Friday) in front of the magistrate for custody,” SHO Humayunagar Reddy told South First.
The punishment for money laundering ranges from three years to seven years in jail.
The seized ₹1.24 crore cash. (Supplied)
According to the police, the accused was found in possession of unaccounted cash.
“He revealed that his uncle, a resident of Hyderabad, asked him to collect the cash of ₹1.24 crore from one person and deliver it to one of his friends,” the police said.
“The friend would distribute the above-said amount to the following persons, namely Sambhav, Adil, Minaj Saddam and Shafi all are Hyderabad. When enquired about the accounts of the above cash Shoaib Malik failed to produce proper account statements,” the cops added.
Apr 10, 2024
Apr 10, 2024
Mar 15, 2024
Mar 09, 2024
Mar 03, 2024
Jan 19, 2024
