On the 28th of October, Friday, the Panjagutta Police seized unaccounted cash worth Rs. 70 lakhs and arrested two people.
According to sources, the Panjagutta Police searched a car near Dwarkapuri Colony and arrested P. Kishan Rao, an assistant professor and Vemula Vamshi. The duo were said to be carrying unaccounted cash worth Rs. 70 lakhs and were travelling and were stopped during routine checking. During the search, the police found a bag packed with money and when questioned about the source of the money with paperwork details, Vamshi and Kishan Rao failed to answer or provide any evidence.
Further enquiries revealed that Kishan Rao, a native of Huzurabad is working as an assistant professor at Nizam College as Commerce faculty. He also confessed to having collected the unaccounted cash from one Madhu, a resident of Banjara Hills, who is currently absconding and is said to be associated with the hawala racket– money transferred without any banking establishment or legal transactions.
Meanwhile, the cash and car were seized and the police launched an investigation into the matter.
This is a developing story, more details into the matter are awaited.
Stay tuned for further updates.
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