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B.Com Graduate behind Visakha Hawala Scam
By: Tupaki Desk | 14 May 2017 10:20 AM GMT
Income Tax Officials unearthed Rs 570 crore hawala scam in Visakhapatnam. The investigation agency suspects scam could be much bigger in scale.
IT Sleuths zeroed in B.Com graduate Vaddi Mahesh as the kingpin of the hawala scam. They believe 9 accused might have direct involvement in this scam which is to the tune of Rs 1,600 crore.
This Hawala scam took place between October 2013 and December 2016. Vaddi Mahesh, his Father Srinivasa Rao, Friends Achanta Rajesh and Achanta Harish began 12 bogus firms for illegal foreign exchange. The 24-Year-Old successfully converted Rs 1,000 crore black money into white between 2013-2015 using fake documents. He was involved in the transfer of Rs 600 crore black money through Hawala Transactions. He would charge Rs 80 paise as commission for $1. Clients of Mahesh kept increasing in the past couple of years.
Vaddi Mahesh gifted himself a Mercedes Benz recently. This drew the attention of IT Officials and the scam got exposed.
IT Sleuths zeroed in B.Com graduate Vaddi Mahesh as the kingpin of the hawala scam. They believe 9 accused might have direct involvement in this scam which is to the tune of Rs 1,600 crore.
This Hawala scam took place between October 2013 and December 2016. Vaddi Mahesh, his Father Srinivasa Rao, Friends Achanta Rajesh and Achanta Harish began 12 bogus firms for illegal foreign exchange. The 24-Year-Old successfully converted Rs 1,000 crore black money into white between 2013-2015 using fake documents. He was involved in the transfer of Rs 600 crore black money through Hawala Transactions. He would charge Rs 80 paise as commission for $1. Clients of Mahesh kept increasing in the past couple of years.
Vaddi Mahesh gifted himself a Mercedes Benz recently. This drew the attention of IT Officials and the scam got exposed.
