India: Money laundering scam exposed in AP, Kolkata


May 13, 2017

The Income Tax department and Visakhapatnam police have busted a massive money laundering scam involving illegal transfer of money abroad to the tune of Rs15 billion (Dh85.7 million). The scamsters very audaciously used the legal banking channels to siphon hundreds of crores of rupees abroad through forged documents. Visakhapatnam police commissioner T Yoganand said that the kingpin behind the scam 24-year-old Vaddi Mahesh was taken into custody and criminal cases were charged against him and eight other people on the charges of cheating, forgery and criminal conspiracy.

Police suspect that the network of sham companies and their bank accounts were used to transfer unaccounted money belonging to others abroad.