Financial Fraud: Narasimha Bhogavalli Charged With Engaging in Monetary Transactions

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Narasimha Bhogavalli Charged With Engaging in Monetary Transactions

<h2>Irving&comma; Texas&comma; Business Owner Arrested on Federal Offense Related to IRS Impersonation&sol;Money Soliciting Scam<&sol;h2>&NewLine;<p><strong>Victims Called and Told to &OpenCurlyDoubleQuote;Pay Money Immediately to IRS or be Arrested in Hours” Defendant Then Wired Collected Money to India<&sol;strong><&sol;p>&NewLine;<p><b><strong>DALLAS<&sol;strong><&sol;b> — An Irving&comma; Texas&comma; businessman&comma; Narasimha Bhogavalli&comma; 50&comma; was arrested yesterday morning by special agents with the Federal Bureau of Investigation on a federal complaint charging him with engaging in monetary transactions in property derived from specified unlawful activity in connection with an Internal Revenue Service &lpar;IRS&rpar; impersonation scam that defrauded victims of money that Bhogavalli then transferred between accounts and wired to India&period;  The announcement was made today by U&period;S&period; Attorney John Parker of the Northern District of Texas&period;<&sol;p>&NewLine;<p>Bhogavalli made his initial appearance yesterday afternoon before U&period;S&period; Magistrate Judge Paul D&period; Stickney&comma; who ordered him detained pending a detention hearing set for tomorrow&comma; Friday&comma; October 28&comma; 2016&comma; at 2&colon;00 p&period;m&period;&comma; before U&period;S&period; Magistrate Judge Renée Harris Toliver&period;<&sol;p>&NewLine;<p>According to the complaint&comma; victims from throughout the U&period;S&period; were contacted by individuals claiming to be IRS agents&period;  Victims were advised there were outstanding warrants for their arrest and they would be sent to jail unless they deposited money orders&comma; and sometimes cash&comma; into bank accounts controlled by Bhogavalli and other accounts used by co-conspirators in the scam&period;<&sol;p>&NewLine;<p>Bhogavalli used at least two Bank of America accounts in the scam&comma; one in the name of Tekdynamics&comma; Inc&period; and one in the name of Touchstone Commodities&comma; Inc&period;  The investigation revealed that Bhogavalli also controlled additional accounts used in the money soliciting scam&comma; including a Citibank account held in the name of Touchstone Commodities&period;<&sol;p>&NewLine;<p>Between November 5&comma; 2014&comma; and February 2&comma; 2015&comma; approximately 242 deposits of cash and money orders&comma; totaling approximately &dollar;1&comma;661&comma;247&comma; which includes at least 2&comma;250 separate money orders totaling &dollar;1&comma;493&comma;848 were made in one of the Bank of America accounts&period;  During the two-week period&comma; between approximately January 16&comma; 2015&comma; and January 30&comma; 2015&comma; at least 60 money orders&comma; totaling &dollar;37&comma;957 were deposited into the other Bank of America account&period;  Between November 4&comma; 2014&comma; and February 5&comma; 2015&comma; at least 128 money orders&comma; totaling &dollar;96&comma;716 were deposited into the Citibank account&period;<&sol;p>&NewLine;<p>A <a class&equals;"wpil&lowbar;keyword&lowbar;link" href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;tag&sol;financial-fraud&sol;" title&equals;"financial" data-wpil-keyword-link&equals;"linked" data-wpil-monitor-id&equals;"627">financial<&sol;a> analysis of those accounts&comma; according to the complaint&comma; shows that immediately following the deposits made by the victims of the money soliciting scam&comma; the proceeds were wire transferred to other accounts Bhogavalli controlled&comma; where he either spent the funds or wired the funds to accounts in other countries&comma; such as India&period;  Numerous wire transfers were made in amounts greater than &dollar;10&comma;000&period;<&sol;p>&NewLine;<p>Records indicate Bhogavalli was listed as the Director of Touchstone Commodities&comma; located at 1425 Greenway Drive&comma; Suite 650&comma; in Irving&period;  In account opening documents&comma; Bhogavalli characterized Touchstone Commodities as an &OpenCurlyDoubleQuote;import-export” business&period;  On its website&comma; Touchstone Commodities is &OpenCurlyDoubleQuote;experienced in the global sourcing and supply of many valuable commodities&comma;” including iron ore&comma; steel and wood chips&period;  Bhogavalli is listed as Chairman of Touchstone Commodities on its website&period;<&sol;p>&NewLine;<p>Records indicate Bhogavalli was listed as President of Tekdynamics&period;  According to information on the Tekdynamics website&comma; Tekdynamics is a provider of &OpenCurlyDoubleQuote;technology&comma; outsourcing and consulting needs” with established infrastructure in the U&period;S&period; and India&period;  Tekdynamics address is listed as 1425 Greenway Drive&comma; Suite 650&comma; in Irving&period;<&sol;p>&NewLine;<p>A federal criminal complaint is a written statement of the essential facts of the offense charged&comma; and must be made under oath before a magistrate judge&period;  A defendant is entitled to the presumption of innocence until proven guilty&period;  The U&period;S&period; Attorney’s office has 30 days to present the matter to a grand jury for indictment&period;  The maximum statutory penalty for the charged offense is 10 years in federal prison and a &dollar;250&comma;000 fine&period;<&sol;p>&NewLine;<p>The investigation is being conducted by the FBI and the U&period;S&period; Treasury Inspector General for Tax Administration &lpar;TIGTA&rpar;&period;  Assistant U&period;S&period; Attorney J&period; Nicholas Bunch is in charge of the prosecution&period;<&sol;p>&NewLine;<p><a href&equals;"https&colon;&sol;&sol;www&period;justice&period;gov&sol;usao-ndtx&sol;pr&sol;irving-texas-business-owner-arrested-federal-offense-related-irs-impersonationmoney">Original PressReleases&&num;8230&semi; <&sol;a><&sol;p>&NewLine;

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