Andhra Pradesh police have registered a case against nine persons for fraudulently sending Rs 569 crore abroad through fake companies.
On a complaint by the Income Tax Department, the police in this coastal city registered a First Information Report (FIR) and sent search parties to Kolkata and other places to nab the accused.
Deputy Commissioner of Police Naveen Gulati told reporters here on Saturday that one Vaddi Mahesh, his father Vaddi Srinivas Rao and two other accused formed 12 bogus companies to facilitate transfer of funds and reporting turnovers. They opened 30 accounts in different banks in Visakhapatnam, Hyderabad, Kolkata and other places.
Of the Rs 680 crore domestic remittances in these banks accounts, Rs 569 crore was sent to five foreign companies in China, Singapore and Hong Kong.
“The total transaction is fraud and the money was sent without paying tax and by producing fake certificates,” Gulati said.
An income tax official had lodged a complaint against the accused with MVP Colony police station. The preliminary investigation revealed that foreign remittances were meant for purchase of customised software but no software was ever imported.
The accused include two chartered accountants Prasanta Kumar Roy Barman and Praveen Kumar Jha, both residents of Kolkata. They allegedly helped the accused by providing fake certificates which along with fake foreign invoices were submitted to the banks.
“Prima facie, it is black money and it appears to be a hawala like transaction,” the officer said, adding that it was a complicated case and more clarity is expected by Monday or Tuesday.
Mahesh, Srinivas Rao, both natives of Srikakulam district of Andhra Pradesh but settled in Kolkata along with Achanta Harish and Achanta Rajesh of West Godavari district established 12 bogus companies.
Ayush Goel, Vineet Goenka, Vikar Gupta — who deposited the money in 30 bank accounts — were also booked.