Haryana Police Unravels Rs 700 Crore Fake Company Money Laundering Scheme

The Haryana Police's State Crime Branch arrested seven individuals involved in illegal money transfers abroad. They used fake companies to transfer Rs 700 crore under fake business transactions. A Special Investigation Team was formed to crack down on this network, resulting in arrests and the seizure of evidence.

The State Crime Branch of Haryana Police has successfully dismantled a major organized crime syndicate, apprehending seven suspects tied to unlawful international money transfers via fictitious companies. This operation was confirmed in an official statement released on Friday.

Investigations revealed that the accused had clandestinely transferred around Rs 700 crore to overseas bank accounts, masked as legitimate business deals. Initial suspicions emerged from a complaint received on March 18 regarding questionable financial activities.

Under the orders of Haryana's Director General of Police, Shatrujeet Kapur, a Special Investigation Team (SIT) was established, headed by Additional Director General of Police, State Crime Branch, and Deputy Commissioner of Police, Gurugram, Nitish Aggarwal. The team uncovered that the accused rooted their operations in dummy companies with fictitious directors, using these entities to manipulate import-export operations through Gujarat and Mumbai, heavily inflating invoicing costs to siphon money overseas.

(With inputs from agencies.)