New Delhi, Oct 12 (FN Agency) The city police have busted a Chinese investment fraud of Rs 903 crore by arresting 10 persons including each one in Chinese and Taiwanese national. Based on a complaint, Hyderabad Cyber Crime Police arrested Sahil Bajaj, Sunny , Virender Singh , Sanjay Yadav, Navneeth Kaushik , Mohammad Parvez (Hyderabad), Syed Sultan (Hyderabad), Mirza Nadeem Baig (Hyderabad) Chinese national Lec and Taiwan National Chu Chun-yu when they were running Hawala scam from Delhi and Mumbai, City Police Commissioner C V Anand told media here on Wednesday. He said that this type of case was detected by the City Police for the first time. “ We need to get it into the scanner by all the agencies including State and Central seriously as it has implications for national security”, he said.
Elaborating the fraud details, Anand said a complaint was lodged by the complainant of Tarnaka and said that 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 IndusInd Bank in the name of Xindai Technologies Private Limited. This bank account was opened by Virender Singh in the name of Xindai Technologies Private Limited. When Virender Singh was arrested and interrogated in Pune, he revealed that he opened a bank account in the name of Xindai Technologies Private Limited on the orders of one Jack (Chinese) and gave the internet banking user name and password of the bank account to him (Jack), he said. Anand said, during investigation it came to light that the bank accounts of Betench Networks Private Limited, and Xindai Technologies Private Limited share the same phone number. One Sanjay Kumar of Delhi opened the account of Betench on the instructions of Lec 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 on Tuesday 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. The Money was transferred from the account of Xindai Technologies Private Limited 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 resided in Dubai. Imran along with others used these two bank accounts for Investment frauds, the Police Commissioner said. He said, a large amount of money from the 38 accounts of Xindai Technologies Private Limited went to Ranjan MoneyCorp and KDS Forex Private Limited in turn Navneet Kaushik 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 USD 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 joined hands with other fraudsters and transferred the above money abroad through hawala, Anand said. He said the transactions in the account of Ranjan Money Corp Private Limited were to the tune of Rs 441 crore in a period of 7 months. Another Rs 462 crore transactions were done in KDS Forex Private Limited. The fraud has been committed through hawala to the extent of Rs 903 crore (Rs 441 and Rs 462) Anand said and added that so far Rs 1.91 crores have been frozen in various bank accounts in this case.