The commissioner’s task force seized unaccounted cash worth Rs 1.24 crore from a scrap dealer in Hyderabad Thursday, following which the man was placed under arrest by the Humayun Nagar police, officers said.
Based on a tip-off, the task force raided the residence of the accused, identified as Shoaib Malik, 30, at Masab Tank and recovered the cash. The police are inquiring about the source of the money and its intended purpose.
In a statement, P Radha Kishan Rao, deputy commissioner of police (OSD), commissioner’s task force, said Shoaib was held in a suspected case of money laundering.
Officers said the Meerut native has been living in the city since February. He allegedly told the police that his uncle Kamil Malik had asked him to collect the cash from one Bharath of Gujarati Galli in the city. According to the police, after Shoaib sent his associate Aaqlaq and collected the cash, Kamil instructed him to distribute it to four people – Sambhav, Adil, Minaj Saddam and Shafi, all residents of Hyderabad.
As Shoaib failed to produce proper account statements for the recovered cash, the amount was seized and handed over to Humayun Nagar police station for further action, officers revealed, adding that an investigation is underway.