Mahesh and others remitted Rs.569.93 crore remitted through fictitious accounts

Deputy Commissioner of Police (Law and Order) Navin Gulati said today that the inquiries by the IT department and the preliminary investigation revealed that the prime accused in the hawala case Vaddi Mahesh had opened many proprietary concerns/partnership firms in the name of his employees to facilitate transfer of funds.

Speaking to media, he said that Mahesh with the help of his fathr Srinivasa Rao (A-2) and seven others had opened 12 bogus companies in Visakhapatnam, Kolkata and other places ad opened 30 bank accounts in the name of fictitious companies.

The analysis of the accounts indicated an inward domestic remittance of Rs.680.94 crore and of this Rs.569.93 crore was remitted to five companies in China, Singapore and Hong Kong fraudulently towards purchase of customized software with the help of forged documents. But no software was imported thus cheating the government of foreign exchange.

The DCP said that the accused had violated the provisions of the Prevention of Money Laundering Act. Cases were booked against the accused u/s 420, 120(b), 465,468 and 471 read with 34 IPC at the Muvvalavanipalem police station.

The other accused are Achanta harish (A3), Achanta Rajesh (A4), Prasant Kumar Roy Barman (A5), Praveen Kumar Jha (A6), Aysh Goel (A7), Vineet Goneka (A8) and Vikas Gupta (A9).

Sources said that Mahesh ad his family members had left for Kolkata many years ago from Srikakulam and they did not have any direct contacts with the locals.

It may be recalled that the news was posted Siphoning off Rs.569 crore- nine booked on May 12, 2017.