Nine held in Visakhapatnam for siphoning Rs 569 crore via fake firms

The Vizag Police on Friday booked nine persons on charges of siphoning off `569 core foreign remittance by floating fake companies.

VISAKHAPATNAM: The Vizag Police on Friday booked nine persons on charges of siphoning off `569 core foreign remittance by floating fake companies.

The cases were registered after the police got an alert from an income tax officer attached to the joint director of I-T MVN Seshsu Bhavannarayana.
During interrogation the main accused Vaddi Mahesh revealed that he had floated 12 firms by submitting forged documents in Vizag and Kolkata in the names of his employees to facilitate fund transfers. Some 30 bank accounts opened by the accused indicated a total domestic remittance of `680.94 crore of which `569.93 crore was remitted to five firms in China, Singapore and Hong Kong.