BAREILLY – In a major crackdown on financial crime, the Bareilly police on Tuesday announced the uncovering of a massive ₹24 crore hawala and GST fraud network. The operation led to the arrest of two individuals accused of orchestrating a complex web of illegal transactions using shell companies and “mule accounts.”
According to police, the accused targeted small traders and daily wage workers, offering to help them expand their businesses or enter export markets.
They allegedly obtained identity documents such as Aadhaar and PAN cards, opened bank accounts in their names and floated shell companies, which were then used for large-scale unauthorised transactions, the police said.
Verma said investigations revealed that a fake firm Satya Sahab Traders was created in the name of the artisan and bank accounts were opened in private and public sector banks. “About ₹24 crore in suspicious transactions were routed through this firm within a year,” she said.
The racket first came to light after a local zari (embroidery) artisan received a staggering income tax notice of nearly ₹1.5 crore. The artisan, shocked by the demand for transactions he never authorized, approached the authorities.
According to Bareilly Superintendent of Police (South) Anshika Verma, the subsequent probe revealed that the accused had systematically targeted small traders and daily wage workers. By promising to help them expand their businesses or enter lucrative export markets, the fraudsters obtained sensitive documents, including Aadhaar and PAN cards.
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