The Indian government has taken numerous preventive measures to curb money laundering. But, that doesn’t fully hold back some of our politicians and industrialists.In recent Panama Papers and Offshore leaks many industrialists names from Telugu states were listed for transactions from tax haven countries. Though not all are illegal,we know most of them operate in Tax havens to launder money. Now, after Indian government has enacted stringent measures, our politicians are discovering an innovative way to launder money.
A Telugu politician has found out an ingenious way to launder the money. In USA, most of IT consulting firms are owned by Telugu people, who crave access to powers that be in Telugu states. This astute minister, who is known for switching parties, used this leverage and started buying companies in association with a NRI producer.The team identifies mid size consulting companies and then either acquire them completely or buy a share.
Telugu360 has first hand information of some consulting firms, which were approached with an acquisition proposal.In this modus operand, where in money is channelized through benami, the minister and the producer pay minimum required amount to acquire the consulting company in dollars in USA (to avoid suspicion) and remaining is paid as cash in India.After acquiring the IT company based out of USA, post tax revenues will be transferred to India by setting up a sister company in India. Now, all this money will be clean money.
It is also reliably learnt that some popular names in Telugu diaspora in USA are brokering the deals between the IT company owners and politicians.
