Four people have been detained in connection with the incident.
An illegal money transfer racket was busted by police today with the detention of four persons, including two senior officials of a Chhattisgarh-based engineering firm, and Rs 2 crore was seized from them.
The four - identified as Darshan Turkhiya, Piyush Azmeera, Ramesh Chand Goyal and Madhava Ram - were taken into custody by a team of Commissioner's Task Force (Central Zone) of city police.
Of them, Goyal and Ram are Assistant General Manager and General Manager, respectively, of the Bhilai-based company.
Turkhiya is a salesman at a jewellery shop at Kachiguda in Hyderabad, while Azmeera is a businessman from Mumbai. A total of Rs 2,09,87,500 in cash besides cell phones were seized from them, police said.
Acting on credible information, Turkhiya and Azmeera, travelling in a car, were intercepted at Abids Road here while carrying Rs 89,87,500 without valid document.
They informed the police that they have handed over Rs 1.2 crore to Goyal and Ram, who were later taken into custody, they said.
All four were part of an illegal money transfer racket, police said, adding they were handed over to the Income Tax Department for further investigation.
Mr Turkhiya, along with another person, had been earlier arrested by Shamshabad Police while they were carrying Rs 8.36 crore.