A hawala syndicate involving transactions worth crores has been uncovered. Young, unemployed men from major cities across states were hired under false pretenses and their names used to open bank accounts for illegal financial operations.
The scam came to light when a man from Ahmedabad received an ₹18 crore income tax notice.
Shailesh Khunt, a resident of Vithalnagar, near Vidyaniketan School in Nikol, Ahmedabad, recently received an income tax notice of ₹18.53 crore for financial transactions conducted between 2021 and 2023.
As per the notice, he was asked to provide transaction details via the tax portal by March 19, 2025. Failure to do so may result in penalties under the Income Tax Act of 1961, he was told.
He was also asked to submit copies of his income tax returns, profit-loss accounts, balance sheets, audit reports, and details of foreign currency transactions. If there are overseas direct investments, he must provide RBI-approved documentation.
How the scam was perpetrated?
The fraudsters set up offices in Vadodara, Ahmedabad, Gandhidham, and major cities of Maharashtra. They then hired unemployed youths, opened bank accounts in their names, and conducted massive monetary transactions with domestic and international banks and companies.
The fraudsters bought SIM cards in the names of these young recruits and used documents such as PAN cards and Aadhaar cards to open bank accounts. These accounts were then operated online to conduct financial transactions worth crores across banks and companies in India and abroad. The scam was executed between 2021 and 2023.
Little did the unemployed youngsters know that they were also appointed as ‘directors’ or ‘managing directors’ of fake companies. Using their identities, fraudulent bank accounts were opened, and large-scale financial transactions were conducted in their names.
Key suspects in the case
Reports suggest that the masterminds behind this scam include Vinod Hiramani Shinde, Sajid Ali Yusuf Ali Ansari, Deepak Katha, Bhagwandas Sahu, and Sujoy Banerjee from Mumbai. Several companies were set up in Vadodara, where crores of rupees were transacted through the bank accounts of individuals like Sunil Bhalekar, Shailesh Khunt, and Sharad Kadam in both Indian and international banks.
Sunil Bhalekar, a resident of Natraj Township, Sayajiganj, filed a complaint with the police commissioner, revealing shocking details about the fraud. He said, “My friend owns a small pan shop near his flat, where we spent time. That’s where we met Mukesh Roy and Vinod Shinde, who frequented the shop. Over time, we became friends. One day, on a holiday, Mukesh Roy invited me for a meeting and tempted me with an offer to earn ₹25,000–₹35,000 per month.”
“Trusting them, I handed over my Aadhaar card and PAN card. They then asked me to sign bank forms and company documents,” he added.
Later, they opened an office under the name ‘Golden Globe Overseas’ near Akshar Chowk and ran it for a few months before suddenly shutting it down and disappearing to Mumbai.
A few months later, Bhalekar received a call from the bank, asking for GST payment records. That’s when he realised that he had been scammed, and his documents were misused for illegal transactions worth crores.