HYDERABAD: Despite operating through a tightly knit and complicated network that was never investigated by financial regulatory bodies and
enforcement agencies, including specialised central agencies, city police were
able to crack this international nexus with just one clue. This clue is a mobile number, which is the registered mobile number used by two firms operated by
the accused.
Veerender's Xindai Technologies bank account and Sanjay Kumar's Betench networks bank account both had the same registered mobile number. During the investigation, police first tracked down Xindai technologies, and an examination of their credentials and transactions led them to Betench.
According to city police commissioner C.V. Anand, these Authorised Money Exchangers violated all RBI regulations and engaged in illegal financial activities. Because the networks are so complex, no agency could detect their financial fraud.
According to Anand, the investigation is only the tip of the iceberg, and the fraud could derail the country's economy and even pose a threat to national security because the money sent abroad could end up in the hands of those engaged in
anti-national activities.
The Enforcement Directorate, Revenue Intelligence Directorate, or any other agency has never investigated such cases. "During the investigation, we will also involve them, as well as international law enforcement agencies. We will also notify the RBI about this fraud and how it was carried out,” Anand said.
Anand stated that the city police are seeking their arrest in order to conduct a thorough investigation into the case in order to uncover the fraud from its roots.
