CHENNAI: Investigating a racket which duped 193 people of Rs 2.23 crore by promising jobs in European countries, the Greater Chennai Police has found that the Poland-based kingpin of the racket laundered Rs 1.67 crore of proceeds of crime through multiple entities, including hawala operators.
The city police’s job racket investigation wing had on July 31 arrested the alleged kingpin, Magam Vinay Vardhan (36) of Nellore, at Chennai international airport when he arrived from Poland, unaware that a Look Out Circular (LOC) had been issued against him.
According to police, Vinay, who worked in Poland, partnered with Saifuddin to collect money from gullible job-seekers under the pretext of securing employment in Poland, Italy, Portugal, and the Cayman Islands.
Saifuddin was running Saif International, a shell firm through which the racket was operated. He was arrested in February following a complaint from Padmanabhan, who had paid Rs 1.25 lakh for a meat cutter’s job in Poland. Subsequent investigation revealed 193 victims who were cheated of Rs 2.23 crore using the same modus operandi.
Police sources said Vinay received Rs 33 lakh from two individuals, around Rs 1.1 crore through a stationery shop, Rs 17 lakh via a realty investment firm, and about Rs 40 lakh through hawala channels. These entities were based in Andhra Pradesh and Kerala, and Saifuddin allegedly routed the proceeds of crime to Vinay through them, police sources said. This Rs 1.67 crore, police believe, is part of the proceeds of crime.
Police also found that Saif International was not registered with the Protector of Emigrants, which is mandatory for firms arranging overseas jobs.
Though the case was solved in February, they had been waiting for Vinay’s return to India. His passport was seized upon arrival and police said investigation will continue to uncover the money trail and recover it.