Hyderabad, Nov. 2 -- Hours before the high stake Munugode by-polls, the commissioner's task force on Wednesday busted a hawala racket in the city and seized Rupees 1.27 crore.

During the operation, the police arrested two hawala agents who were trying to move the unaccounted cash on a two-wheeler.

During the checking of a two-wheeler at Himayat Nagar, the police found unaccounted cash of Rs 1.27 crore from Phani Kumar Raju.

The police questioned Kumar and based on information revealed by him arrested two accused Manne Srinivas aka Srinu a resident of Amberpet and C Vishwanath Chetty of Osmangunj.

Kumar revealed that he works as a collection agent under Manne Srinivas and collected Rs 70 lakh (70,00,000) from him and the remaining amou...