Tag Archives: financial crime

Newsbeat

Nizamabad Police Seize Rs 63.40 Lakh Hawala Cash in Major Bust

Nizamabad: On Wednesday, October 18, 2023, the Task Force police in Nizamabad, India, busted a hawala racket and seized Rs 63.40 lakh from three persons. According to ACP Kiran Kumar, the Task Force personnel raided a house based on reliable information and seized the cash. The currency bundles, all of Rs 500 denomination, were hidden inside a locker in the house. The police registered a case and investigation is underway.

Hawala is an informal money transfer system that is often used to transfer money illegally or without paying taxes. It is based on a network of trusted individuals and businesses who can transfer money without the use of formal banking channels. Hawala can be used for legitimate purposes, such as sending money to family and friends overseas, but it is also often used for illegal activities, such as money laundering and drug trafficking.

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Newsbeat

Deputy Manager Arrested for Stealing Rs 8.6 Crore to Fund Online Betting

A 29-year-old deputy manager of a private bank in Warangal, Telangana, has been arrested for stealing Rs 8.6 crore to fund his online gambling habit.

The banker, identified as P. Ramesh, was working at the bank’s Narsampet branch. He allegedly siphoned off the money over a period of two years by forging documents.

Ramesh used the money to gamble on online betting websites. He was arrested after the bank’s internal audit department found discrepancies in his accounts.

The police are investigating the case and are trying to trace the money that Ramesh has gambled away.

Ramesh is the latest in a string of bankers who have been arrested for stealing money to fund their gambling habits. In recent years, there has been a growing problem with online gambling addiction, and banks have been increasingly targeted by criminals.

This case highlights the need for banks to have strong internal controls in place to prevent fraud. It also serves as a warning to gamblers about the dangers of addiction.

The police are urging anyone who has information about Ramesh’s gambling activities to come forward. They are also asking anyone who has been scammed by him to contact them.

The case is a reminder of the dangers of online gambling addiction. If you or someone you know is struggling with a gambling addiction, there are resources available to help. Please visit the National Council on Problem Gambling website for more information.