Hry police bust gang involved in 700cr illegal money transfers, arrest 7 accused

Chandigarh: The Haryana Police ’s state crime branch on Friday claimed to have cracked down on an organised crime network involved in sending black money abroad through fake companies .

The investigation revealed that the accused had illegally transferred approximately Rs 700 crore to foreign bank accounts under the guise of business transactions. So far, seven people have been arrested, with chargesheets filed against five other suspects in court, said the police.

According to information, the police first received a complaint on March 18 regarding suspicious financial transactions. Acting on the complaint, Haryana director general of police Shatrujeet Kapoor constituted a special investigation team (SIT) led by additional director general of police (state crime branch) and deputy commissioner of police, Gurugram, Nitish Aggarwal.

During the investigation, it was revealed that the accused systematically created fake companies under the names of “dummy directors” to carry out illegal transactions.

These fake directors opened bank accounts with the cooperation of bank officials, completing the necessary e-KYC formalities, while the accused retained control over these accounts, including ATM cards, net banking credentials, and registered mobile SIMs.

The companies, registered falsely in the names of these dummies, operated in imports and exports through Gujarat and Mumbai ports, claiming business transactions with foreign companies. By inflating the prices on invoices far beyond the market rates, the accused funneled large amounts of money abroad and earned hefty commissions on each dollar transferred illegally, said the police.

The gang transferred funds to fake company accounts by showing fictitious sales and purchases. Major account transactions were carried out by converting these rupees into dollars, which were then sent to foreign company accounts.

The accused even rented goods from foreign companies and documented these as purchased – importing these goods only to later re-export without receiving any payments, as per the documents.

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