The probe into the massive ₹155 crore financial scam uncovered in Nagpur’s Lakadganj area has intensified, with police now finding evidence of black money laundering and hawala transactions allegedly routed through fake 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.
The investigation into the ₹155 crore financial fraud in Nagpur’s Lakadganj has further deepened, with officials confirming that funds routed through bogus company accounts were siphoned off and reintroduced via hawala networks. Investigators suspect the involvement of a well-organised and sophisticated racket.
A forensic financial audit of the implicated firms—Kshitij and Awadh Enterprises—has been initiated. Authorities are scrutinising Chartered Accountants’ reports, GST audit files, and sale-purchase ledgers, while also tracing the bank accounts used in the alleged laundering. Several such accounts have been identified and are currently being frozen.
In a recent raid, police seized ₹24.15 lakh in cash from the accused’s residence. Meanwhile, attention has turned to transporters whose vehicle numbers were found on fake invoices. These individuals will be summoned for questioning to establish their role in the scam.
Police believe that the majority of invoices linked to the ₹155 crore Nagpur fraud were bogus, with no real movement of goods — a tactic allegedly used to create the illusion of legitimate business activity. As the probe progresses, it has emerged that fake companies were set up using stolen identities of unsuspecting individuals, many from outside Maharashtra.
One such victim, Biswajit Sudhanshu Roy from West Bengal, was reportedly lured with a job offer, only to have his identity misused to establish Kshitij Enterprises, through which large bank transactions were conducted without his knowledge. Similarly, another stolen identity was used to create Awadh Enterprises, which handled transactions worth ₹59.51 crore between September and December 2024.
So far, five key accused — Bunty Shahu, Jayesh Shahu, Rishi Lakhani, and Brijkishore Manihar — have been arrested. However, officials suggest this may be just the tip of the iceberg.
“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.
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