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Rs 7cr seized; Malappuram turns hawala den
August 22, 2017
Kozhikode: Malappuram district from where around Rs 7 crore has been seized in seven months has turned into a hub for hawala transactions in Kerala. As many as 20 persons have been arrested so far.
The first case relates to arrest of two persons at Tirur in January and seizure of Rs 28 lakh. The other seizures were Rs 50 lakh was seized from Mukkam in Manjeri, Rs 72 lakh from Pullar in Manjeri, Rs 1 crore and Rs 26.5 lakh from Perinthalmanna, Rs 75 lakh and Rs 24 lakh from Tanur, Rs 22 lakh from Tirur, Rs 40 lakh in Nilambur and Rs 1 crore in Karuvarakundu in Kozhikode.
The hawala trading is a violation of foreign exchange norms where non-resident Indian (NRIs), mainly in West Asia countries, bypass banking system or other approved routes to transfer their money back home.
There are also cases of NRIs investing in projects in Gulf while the same money is collected from black market. The main attraction is the higher exchange rate from hawala dealers and quick delivery at the desired location.
