By IANS,
Kannur (Kerala) : Police arrested Wednesday three persons and seized Rs.3.4 million – suspected to be hawala money – from them at Nedumpoyil, 50 km from here.
The three men, whose names were not immediately revealed by the police, were arrested from two Kerala State Road Transport Corporation buses coming from Bangalore.
The money is suspected to be illegally transferred through hawala. It was intended for some person in Sreekantapuram in this district, police said.
Hawala is an underground banking system based on trust whereby money can be made available without actually leaving a record of the transaction.