Nagpur: The investigation into the massive Rs 155 crore financial fraud busted in Lakadganj area of Nagpur has taken a deeper turn as the police uncovered evidence of black money whitening and hawala transactions allegedly operated through bogus companies.
According to officials, the accused had routed black money from local businesses and converted it into “white” through fraudulent billing and financial manipulation. Through the modus-operandi, the accused have laundered thousands of crores of rupees. As per the Crime Branch, Kshitij Enterprises and Awadh Enterprises – both fake firms – were central to the racket. Kshitij Enterprises is believed to have carried out suspicious transactions for as many as 113 shell companies, while Awadh Enterprises facilitated transactions for 57 entities.
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Investigators now confirm that the amounts moved through these accounts were later siphoned off and reintegrated through hawala routes. The investigators are suspecting a sophisticated and organised network. Police have initiated a forensic financial audit of these companies and are examining the scrutiny reports submitted by Chartered Accountants along with the GST audit files.
Officials are also verifying the sale and purchase ledgers of both Kshitij and Awadh Enterprises and cross-checking the bank accounts used to launder the funds. Several of these accounts have already been identified and are in the process of being frozen. Meanwhile, Rs 24.15 lakh in cash was seized during a raid at the residence of the accused persons. The ongoing investigation also focuses on the transporters whose vehicle registration numbers appeared on fake invoices. These persons will be called in for questioning to determine their role.
Police suspect that most of the invoices were fictitious, with no actual movement of goods and were instead designed to fabricate business transactions. Earlier in the probe, police had booked eight accused for setting up fake companies using the identities of common persons from outside Maharashtra. One such victim, Biswajit Sudhanshu Roy, was lured from West Bengal with the promise of a job. His identity had been misused to float Kshitij Enterprises and operate massive bank transactions without his knowledge.
Another identity was used to create Awadh Enterprises, through which Rs 59.51 crore worth of transactions were carried out between September and December 2024. So far, police have arrested five key accused—Bunty Shahu, Jayesh Shahu, Rishi Lakhani, and Brijkishore Manihar. Sources indicate that this may be just the beginning. “We suspect the network has floated over 60 to 70 fake companies. The overall scam could cross several thousand crores, once all layers are uncovered,” an official from the Crime Branch said.
