5 Held in Fake Money-laundering Racket

Published: 06th September 2015 03:39 AM  |   Last Updated: 06th September 2015 03:39 AM   |  A+A-

BENGALURU: Five people were arrested on Saturday for allegedly cheating the public by posing as launderers of black money and promising agents an attractive commission for it.

They were arrested from coffee shops in Malleswaram and Katriguppe after a few people filed complaints at Malleswaram police station.

The fraud and misappropriation squad of Central Crime Branch arrested Kiran Kumar (27), a resident of Chennakeshavanagar, K Suryanarayana (41), a native of Yallanur in Andhra Pradesh, M Manjunath (56), a resident of J M Road and C Raju (29), a resident of Chikkagowdana Doddi in Ramanagaram district.

The accused, with the help of a few agents, used to tell gullible people that they have a huge amount of black money in the name of Genesis Education and Charitable Trust and a few other trusts in Tamil Nadu.

They used to offer a commission of 20 per cent to the middlemen and claimed that they would take 80 per cent of the white money (tax-paid) in return. They would ask interested people to deposit Rs 2 crore before getting into the business.

In order to gain people’s trust, the accused had with them a fake tax exemption certificate issued to the trust and a letter which said the trust had a wealth of Rs 22,234 crore.

Other forged documents were a trust deed issued by the Government of India, a letter from the Ministry of Home Affairs to the trust regarding the Foreign Contribution Regulation Act, a price schedule letter worth Rs 20,000 crore in the name of Grindx Techno Labs and Land.

Papers Forged in a Month

The accused had made these fake documents within a month and the agents were asked to get business.

According to the police officials, the whereabouts of the accused were never revealed to the agents. The agents used to get things done in order to get the commission.

They told people to transfer money online and had assured them that the black money would be given to them. The accused used to target financially well-off people. The CCB police have registered a case.

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