Hyderabad, Feb 13 (ANI): Hyderabad Police busted a hawala racket and arrested a jewellery merchant and five others and seized Rs 1.48 crore in cash. The main accused Jayesh Kumar Patel, was allegedly operating an illegal business from Abids for the past five years. Patel, who is a native of Gujarat and started the hawala business in the year 2013. Patel came into contact with some hawala agents and found this lucrative and indulged himself in the illegal business activity. He also established an office and employed some employees for smoother workflow. The accused and the seized material are being handed over to Income Tax department for further investigation, the release said.