Fake biz cartel scam amount increases to Rs250 crore, 90 fake cos under scanner
Nagpur: The spread of the financial scam involving a business cartel generating fake banking transactions to claim tax benefits has escalated to a staggering Rs250 crore, with over 90 fake companies uncovered.
The crime branch is now probing indications that a significant amount of
black money
was laundered through these channels.
"The accused routed black money from local businesses, converted it into 'white' through fraudulent billing, and reintegrated it via hawala routes," a police official revealed. The investigation is also examining the role of several hawala operators who facilitated the transfer of illicit funds. The investigation, which initially uncovered 70 dubious entities linked to Rs156 crore in
fraudulent transactions
, revealed a sophisticated network of fake firms, hawala operations, and connections to international online gaming and betting activities.
The probe, led by senior inspector Kamlakar Gaddime under the supervision of assistant commissioner of police (ACP) Abhijeet Patil and deputy commissioner of police (DCP) Rahul Maknikar, intensified with ongoing searches yielding critical evidence. On Wednesday, the crime branch conducted raids at four locations where records and documents of the fake business entities were stored by employees of the prime accused, Santosh alias Bunty Shahu.
by Taboola
by Taboola
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These searches uncovered trails of substantial funds being funnelled into international online gaming platforms through hawala channels, raising concerns about large-scale
money laundering
, running into thousands of crores.
Five accused: Bunty Shahu (52), his brother Jayesh Shahu (36), Brijkishor Maniyar (59), Rushi Lakhani (21), and Anand Harde (33), all of Nagpur, are to appear in court on Thursday, with cops seeking custody extension.
"We will argue for at least another week's custody as the probe is at a crucial stage," said DCP Maknikar.
Three accused — Rajesh Shahu, Avinash Shahu, and Anshul Mishra — remain at large. The police have initiated the process to freeze 25 bank accounts linked to the transactions. A forensic audit is underway to trace the money trail and establish the scam's modus operandi, which included generating fake invoices, siphoning funds through fraudulent GST claims, and laundering money via hawala networks.
Investigators have seized bank passbooks, investment documents, and papers tied to the scam, from Bunty Shahu's office at Sakshi Foods in the Small Factory Area. Shahu's team had some 15 members, including chartered accountants and commerce graduates, highlighting the sophisticated nature of the operation.
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