Siphoning off Rs.569 crore- nine booked

Friday, May 12, 2017 
Visakhapatnam

The MVP police today registered cases against nine persons Vaddi Mahesh, resident of Kolkata and native of Srikakulam and his father Vaddi Srinivasa Rao of Srikakulam, Achanta Harsih, Chanta Rajesh, Prasanta Kumar Roy Barman, Praveen Kumar Jha, Ayush Goel, Vinet Gonenka and Visas Gupta under section 420, 120(b), 465, 468 and 471 of IPC on charges of siphoning off Rs.569 crore through involving fraudulent foreign remittance by forming fake companies.

An officer of Income Tax attached to the Joint Director of Income Tax (Investigation) M.V.N.Seshu Bhavannarayana has reported at MVP Colony Police Station that a group of nine persons by forming fake companies have allegedly siphoned off Rs.569 crore. The accused conspired together created false and forged documents, established about 12 bogus companies in Visakhapatnam and Kolkata, opened 30 bank accounts in the name of bogus companies at various places.

The preliminary investigation revealed that Vaddi Mahesh has opened many proprietary concerns/partnership firms in the name of his employees to facilitate transfer of funds and reporting turnovers. The analysis of bank accounts pertaining to the accused indicated total inward domestic remittance to a tune of Rs.680.94 crore out of which Rs.569.93 crore have been remitted to five foreign companies fraudulently.