Man nabbed with Rs 1 cr at Old Delhi railway station

The Railway Protection Force (RPF) arrested a man with Rs 1 crore in cash, suspected to be linked to a hawala transaction, at the Old Delhi railway station.

The money was allegedly being transferred illegally, following which the RPF took swift action. The accused has been handed over to the Income Tax Department for further investigation. The action was followed after a tip-off regarding the cash being transported in a train. During questioning, it was revealed that the seized cash was linked to illegal hawala transactions.

The recovered money was sealed and handed over to the Income Tax Department for further legal action. It was also revealed that the cash was being transported to Gujarat.

A hawala transaction is an informal money transfer system that operates outside of traditional banking, based on a network of trust between brokers called hawaladars.

It allows funds to be transferred internationally without the physical movement of cash, where a sender gives money and a code to one broker, who then instructs a broker in the destination country to give an equivalent amount to the recipient upon them providing the code.

These transactions are often illegal because they can be used for criminal activities like money laundering and tax evasion, and they are not regulated by central banks.