An Irving, Texas, businessman, Narasimha Bhogavalli, 50, was arrested by special agents from the Federal Bureau of Investigation on a federal complaint charging him in engaging with monetary transactions in property derived from the specified unlawful activity in connection with an Internal Revenue Service (IRS) impersonation scam that had defrauded victims of money that Bhogavalli has then transferred between accounts and wired to India.
Bhogavalli made his initial appearance yesterday afternoon before the U.S. Magistrate Judge Paul D. Stickney, who had ordered him to be detained pending a detention hearing set for tomorrow, Friday, October 28, 2016, at 2:00 p.m., before the U.S. Magistrate Judge Renée Harris Toliver.
According to the complaint, victims from all over the U.S. are contacted by individuals claiming to be IRS agents. Victims were advised that there are outstanding warrants for their arrest and they would be sent to jail unless they had deposited money orders and sometimes in cash, into the bank accounts controlled by Bhogavalli and other accounts used by the co-conspirators in the scam.
Bhogavalli used at least two Bank of America accounts for the scam, one in the name of Tekdynamics, Inc. and one in the name of Touchstone Commodities, Inc. The investigation had revealed that Bhogavalli has also controlled additional accounts used for the money soliciting scam, including a Citibank account held in the name of Touchstone Commodities.
Between November 5, 2014 and February 2, 2015, an approximately 242 deposits of cash and money orders, totaling of approximately $1,661,247, which has included at least 2,250 separate money orders totaling for an amount of $1,493,848 are made in to one of the Bank of America accounts. During the two-week period, between January 16, 2015, and January 30, 2015, at least 60 money orders, totaling of about $37,957 are deposited in the other Bank of America account. Between November 4, 2014, and February 5, 2015, at least 128 money orders, totaling of about $96,716 are deposited into the Citibank account.
A financial analysis of those accounts, shows that immediately following the deposits were made by the victims of the money soliciting scam, the proceeds were wire transferred to other accounts that are Bhogavalli controlled, where he either spent the funds or wired the funds to the accounts in other countries, such as India.
Records says that Bhogavalli is listed as the Director of Touchstone Commodities, located at 1425 Greenway Drive, Suite 650, in Irving. In the account opening documents, Bhogavalli has characterized Touchstone Commodities as an “import-export” business. Touchstone Commodities is “experienced in the global sourcing and supply of many valuable commodities,” including iron ore, steel and wood chips. Bhogavalli is being listed as the Chairman of Touchstone Commodities on its website.
Another record clearly states that Bhogavalli was listed as the President of Tekdynamics. Tekdynamics is a provider of “technology, outsourcing and consulting needs” having established infrastructure in the U.S. and India. The Tekdynamics’s address is listed as 1425 Greenway Drive, Suite 650, in Irving.
The investigation is being conducted by the FBI and the U.S. Treasury Inspector General for Tax Administration (TIGTA). Assistant U.S. Attorney J. Nicholas Bunch is in charge of the prosecution.
By Premji
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