Unmasking the Hawala Web: Nagpur's Rs 155 Crore Fraud Scandal
A Rs 155 crore fraud involving fake companies and Hawala transactions was uncovered in Nagpur, leading to four arrests. The accused used genuine identities for these illegal activities, impacting victims like Biswajit Roy. Further investigations suggest that this massive financial scam might be even larger in scale.
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- India
In Nagpur, police have dismantled a Rs 155 crore fraud network where a consortium of businessmen registered fake companies using genuine identities, facilitating extensive Hawala transactions. The crackdown has led to the arrest of four individuals in connection with the scam.
The fraud, allegedly operational since August 2024, surfaced when Biswajit Roy reported his identity being used to register fake companies. This revelation prompted an FIR at Lakadganj police station, leading to a broader investigation by the Crime Branch that confirmed further illicit activities.
Authorities reported that the network could have established between 60 to 70 bogus firms. The investigation is ongoing as the suspects used complex financial schemes, sidestepping legitimate transactions to circulate funds illegally, prompting police to pursue financial trails and secure involved accounts.
(With inputs from agencies.)
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