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"... ...Credible information was received in ED regarding highly suspect crypto-currency related transactions and large payout in the Bank accounts of M/s. Birfa IT Services Private Limited having office at C1/107, Janakpuri, New Delhi-110058 from ZEBPAY crypto exchange. On this basis, investigation in terms of Foreign Exchange Management Act 1999 was initiated by ED. Analysis of bank accounts of M/s. Birfa IT Services Private Limited & related entities revealed that mammoth amount of cash of around Rs 1300/- Crores as detailed below was illegally deposited in the bank account of Oested Solutions {having office at 301, Top Floor, Plot No.2 Aggarwal Tower, Sector-5, Dwarka, New Delhi-110058} on the pretext of fabricated invoices. ... ... During search, a lot of incriminating documents regarding forgery & cheating were recovered including invoices from his house at C-2/116, Janakpuri, Delhi. ED investigation has revealed his modus operandi which is explained in brief here :- Mr Manideep Mago was involved in conducted large ticket international hawala operations for Indian Importers etc who need to make compensatory payments to Exporters in China, HongKong etc. In conspiracy with one Mr Sanjay Sethi, his wife, his employees, few Bank Officials, hatched a well planned conspiracy. He deposited cash in his Bank accounts with active connivance of unknown Bank officials. In his firm, in order to cheat the Indian authorities, he started falsely claiming that thousands of Indian customers were buying Cloud Mining Hash value on Hong Kong based Servers (of his WoS in Hong Kong) and all of them were paying him a sum less than Rs 50000 each. He claimed that he did not collect their KYC and created bogus receipts and also generated fabricated entries in his Tally Software. He made this elaborate arrangement and created fabricated entries so that he could show that he was doing genuine crypto-mining business. Further, all the pooled money in his Bank accounts was remitted to the Bank accounts of his M/s Mozire Technologies Limited Hong Kong on the pretext of import of software services. ... ... On being asked the receipt of money from thousands of alleged Indian clients, Manideep Mago stated that he had sold software testing tools to different individuals through online mode and received amount in cash. It was also found that, such invoices were raised in interval of every 2-3 days and all payments were received in cash only. It further revealed that, Manideep Mago didn‟t have any details of persons to whom these Penetration Testing Tool were sold. He further stated that, the tool kit includes Kali Linux and E-Book written by him (Manideep) as told by him. As per his version, he first used to receive cash payment from buyers at his office, then allowed the buyers to download the tool through WORDPRESS WEBSITE by enabling download link after receiving payment. He failed to give any demo or justification as to how he used to send testing tool to so many individual buyers in a day via this means. ... ... Mr Manideep Mago has created bogus receipt entries in the name of 60000-70000 non-existing individuals, to justify deposit of cash in his accounts. i. It is further submitted that, during search operation unused Notary stamps (yellow colour) was found from house of Mr & Mrs Manideep bearing stamp impression of "HARPINDER SINGH BOORA NOTARY PUBLIC ONTARIO". It is pertinent to mention herein that the said stamp impression was also found on invoice dated 15.03.2023 of Absax Technologies Private Limited at C1/107, Basement, Janakpuri, New Delhi-110058 having GSTIN/UIN: 07AAXCA7004N1Z4.. It shows that, alleged person is creating fake and fabricated documents in India by using the stamps of Notary based in Canada. i. (sic) Further, during search at house of Manideep Mago several bogus commercial invoices issued by Mozire Technologies to Birfa IT Services Private Limited were found wherein Cryptocurrency Mining hardware was sold by Mozire Technologies to Birfa IT Services. ... ... Further, there is a round stamp of MOZIRE TECHNOLOGIES LIMITED HONG KONG and signatures of Jinag Fan (Manager). There are total 18 such Invoices of different dates different dates and invoice numbers, wherein 683 Whatsminer MicroBT M30s, 997 innosillicon T2+57T 1055 BITMAIN Antminer T17 and 3022 AMD radeon RX580 as well as other hardware were sold to Birfa IT. Further, Manideep Mago told that these hardwares never came to India. Further, on the said receipts all the signatures of the Manager are exactly superimposing on each other which points towards computer generated fake receipts. Thus, Manideep Mago has indulged in fabricating the signatures of the Manager. No address of the place of Delivery is given apart from Shanghai, China. He also failed to provide any proof of payment transaction with Chinese Entity where shipment was delivered. The above invoice along with other invoices were found to be fake and fabricated as the said items were never delivered to India or to China, they were created just to do money laundering and hawala operations. The real purpose of this hawala could be to facilitate under-valued imports OR some other sinister motive. Outward remittances have been sent illegally to Hong Kong and Canada. ... ... Further this invoice bears a stamp having following description:- NOTARY GOVT OF INDIA G.P. SINGH South West Delhi Regd. No. 16965, Register Entry number 2-C/2022 Date 28 MAR 2022 Title of Documenting genesis Invoice. ATTESTED Notary Public, Delhi 28 MAR 2022. This also bears signatures of above Notary Public. There are several other stamps of different of different dates in this document. It was found that, the document itself was generated on 15-03-2023 and the notary entry mentioned is of 28 march 2022. The anti dated notarization of documents points towards it being forged and fabricated. Confession by Mr Manideep Mago: During the recording of the statements u/s 37 of FEMA r/w Sec 132 IT. Act, Mr Manideep has admitted that his wife is also a Director in his entities. He finally admitted that he has indulged in international hawala of Rs 3500 Crore. He admitted to creating fabricated documents to facilitate the hawala and cheat the system. He is yet to explain the source of crypto worth Rs 1850 Crore which was credited into his Zebpay Wallet from Binance Wallets. It is also noticed that he was tipped of ED enquiries against him by a Canara Bank (Mayapuri Branch) Official and hence, had burnt many papers and changed his phone to destroy evidence. He has admitted while doing hawala, he used to delay the hawala payments for a week or so and use that money for crypto-mining investment He has admittedly earned substantial commission of around Rs 40 Crore and has invested in real estate and bought 5 hi-end cars. ... ... ED is already investigating the foreign remittances under FEMA 1999 which is a civil offence. But since it is prima facie clear that Manideep Mago, his wife and Co- Director of his companies, Mr Sanjay Sethi (who provided the funds for hawala), unnamed Bank Officials, and his business entities and their staff are involved in cognizable predicate offences, hence, this complaint is being filed with a prayer to register a FIR and investigate this entire conspiracy. ... ..."