Hawala Racket Busted In Vizag, ₹ 570 Cr Transferred
Visakhapatnam: The Income Tax officials unearthed a huge hawala business involving over Rs. 1500 crore here in the city on Saturday. After a weeks’ investigation into the illegal affairs, they discovered a twenty four years’ old youth aided and abetted by his own family, transferred about Rs. 500 crore to various foreign accounts.
The Deputy Commissioner of Police Naveen Gulati informed the media that they received a complaint from the Income Tax Officer MVN Seshu Bhavanarayana from the office of the Joint Director (Investigations) on Thursday. The youth was caught hold of by the MVP Colony police.
According to the police, the IT officials held clandestine operations in Visakhapatnam, Srikakulam and Kolkata to unearth the illegal transactions. The primary investigation by the IT officials revealed that one Vaddi Mahesh, a native of Srikakulam and eight others including his father were involved in the case. The gang set up a dozen fake firms in Visakhapatnam and Kolkata and opened bank accounts on their names. By creating false and forged documents, they remitted money to various bank accounts created by them to the tune of ₹ 680.94 crore, of which ₹ 569.93 crore was sent to five foreign companies located in China, Singapore and Hong Kong. The money was fraudulently transferred for purchase of customised software. The IT officials noticed that no such software was ever imported from those companies.
The main accused Vaddi Mahesh, although a native of Srikakulam, has been residing in Kolkata. His father Vaddi Srinivasa Rao, a stone crushing unit owner, and other accused Achanta Harish and Achanta Rajesh were key players in setting up shell companies while two charted accountants based in Kolkata Prashant Kumar Roy Burman and Praveen Kumar Jha assisted in creating bogus invoices for import of software. The main accused Vaddi Mahesh successfully accomplished his bank transfers to the foreign accounts by taking the help of Ayush Goel, Vineet Goenka and Vikar Gupta.The police booked them under sections of IPC 420,120(b), 465,468 and 471 read with 34 IPC. A police team rushed to Kolkata for further investigation.