Hyderabad City: Hyderabad Cyber Crime Police arrested 10 accused running hawala scam from Delhi and Mumbai namely Sahil Bajaj, Sunny alias Pankaj, Virender Singh, Sanjay Yadav, Navneeth Kaushik, Mohammad Parvez of Hyderabad, Syed Sultan of Hyderabad, Mirza Nadeem Baig of Hyderabad, Chinese national Lec alias Li Zhongjun, and Chu Chun-yu a Taiwan national in an investment fraud.
Basing on the complaint lodged by the complainant, who is resident of Tarnaka, Cyber Crime Police registered a case. The complainant said that he was cheated after investing 1.6 lakh rupees in an investment app called LOXAM. On investigation it is 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.
This 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, a 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 Betenchon 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 lakhs commission per account which was arranged by Lec alias 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. Parvezin 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 in turn 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 $ 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 alias 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 441 crore rupees in a period of 7 months. Another 462 crore rupees 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 903 crore rupees. So far Rs.1.91crores have been frozen in various bank accounts in this case.
Our Citizen Reporter
