Malappuram (Kerala), Nov 1 (PTI) The Income Tax (IT) Investigation Wing has unearthed a major hawala racket involving cryptocurrency transactions allegedly operated by two Malappuram natives under the guise of a flower export firm, officials said on Saturday.

An IT official said that its Investigation Wing in Kochi has been conducting searches over the past three days at various locations in Malappuram and Kozhikode districts as part of the probe.

The investigation was launched against a firm owned by two Malappuram natives, who have been exporting flowers to Indonesia for several years, the official said.

According to investigators, the duo received payments from Indonesia via cryptocurrency channels rather than traditional banking systems.

To conceal the money trail, they allegedly c

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