Hyderabad, Oct.12 (press media of india): City Cyber Crime Police have arrested 10 accused running hawala scam from Delhi and Mumbai i.e., Sahil Bajaj, Sunny alias Pankaj, Virender Singh, Sanjay Yadav, Navneeth Kaushik, Mohammad Parvez (Hyderabad), Syed Sultan (Hyderabad), Mirza Nadeem Baig (Hyderabad), Chinese national Lec alias Li Zhongjun and Chu Chun-yu (Taiwan national) in an investment fraud.
Based on a complaint lodged by a resident of Tarnaka, the Cyber Crime Police registered a case and took up investigation. The complainant said he was cheated after investing Rs 1.6 lakh in an investment app called LOXAM. On investigation, it was found that the money of the complainant was deposited in the bank account of Indus Ind Bank in the name of Xindai Technologies Pvt Ltd.
The bank account was opened by Virender Singh in the name of Xindai Technologies Pvt Ltd. When Virender Singh was arrested and interrogated in Pune, he revealed that he opened a bank account in the name of Xindai Technologies Pvt Ltd on the orders of one Jack (Chinese) and gave the internet banking user name and password of the bank account to Jack.
During investigation, it came to light that the bank account of Betench Networks Pvt Ltd, and Xindai Technologies Pvt Ltd share the same phone number. One Sanjay Kumar of Delhi opened the account of Betench on the instructions of Lec alias Li Zhounjau and gave it to Pei and Huan Zhuan in China. Similarly, he opened 15 other bank accounts and sent them to one Chu Chun-yu of Taiwan, who is temporarily residing in Mumbai and was arrested yesterday in Mumbai. Chu Chun-yu sends account details, User ID, password and SIM cards to other countries. Sanjay Yadav and Virender Rathor received Rs 1.2 lakh commission per account which was arranged by Lec Li Zhounjau.
Money was transferred from the account of Xindai Technologies Pvt Ltd to 38 other bank accounts. It also went to the bank accounts of Hyderabad-based Syed Sultan and Mirza Nadeem Baig. Mirza Nadeem Baig and Syed Sultan opened bank current accounts for the sake of commission as per instructions of Parvez. Parvez in turn gave those bank accounts to Imran who resides in Dubai. Imran along with others used these two bank accounts for Investment Frauds.
A large amount of money from the 38 accounts of Xindai Technologies Pvt Ltd went to Ranjan Money Corp and KDS Forext Pvt Ltd. Navneet Kaushik inturn sends the money received in the bank account to the Forex exchanges run in the name of International Tours and Travels. He converts the money received in rupees to US S$ in cash and gives it to Sahil and Sunny in US dollars. The money changers and Forex Exchanges are licensed by RBI. However, they have repeatedly flouted the guidelines laid down by RBI regarding money changing activities. Sahil and Sunny@Pankaj joined hands with other fraudsters and transferred the above money abroad through hawala.
The transactions in the account of Ranjan Money Corp Pvt Ltd, are to the tune of Rs 441 crore in seven months. Another Rs 462 crore transactions were done in KDS Forex Pvt Ltd account. It has come to light during the investigation that fraud has been committed through hawala to the extent of Rs 903 crore. So far, Rs 1.91 crore have been frozen in various bank accounts in this case. (PMI)