Ujjain: Shell companies' hawala transactions unearthed

Ujjain (Madhya Pradesh): Transaction details of the 'hawala case' in which crores of rupees have been transacted through a tea seller’s account have come to the fore. The accused had floated shell companies operating from Mumbai, Chennai and Indore to dupe people and had made fraudulent remittances into them through hawala transactions to tea the seller’s account.

As per details, the tea seller, Rahul Malviya, is a resident of Padmawati Colony. He had approached Madhav Nagar police station on receiving huge amounts of money from four different accounts. Following his complaint, a case was registered against Saurabh Gupta, Satyaprakash, Bhola and Mangilal. Police have revealed shocking transactions details.

According to the reports, the companies located in metropolitan cities made hawala transactions worth Rs 1 crore 96 Lakh to the tea seller's account. The said amount was later taken out from this account.

These shell companies operated through cyber criminals and lured people and duped them with impunity. They used to ask small depositors to deposit Rs 100, 250 and Rs 1000 in their account and credited Rs 12 on a daily basis against these deposits to these depositors' accounts to gain confidence. Once the accused had gained the confidence of the depositors they asked them to deposit larger amounts of money. Afterwards, the accused stopped giving returns to the depositors.

The accumulated money was then transferred to the tea seller’s account and then withdrawn. Cybercriminals running these shell companies used to trap uneducated people and used to cheat them after opening accounts. The police suspect that the magnitude of his hawala transactions could be much larger.