The Federal Bureau of Investigation (FBI) arrested a 50 year old Irving, Texas, businessman, Narasimha Bhogavalli over a federal complaint accusing him for engaging in monetary transactions in property derived from specified unlawful activity links with an Internal Revenue Service (IRS) impersonation scam. The maximum statutory penalty for the charged offense is 10 years in federal prison and a $250,000 fine.
Initially, Bhogavalli appeared before the United States Magistrate Judge Paul D. Stickney. He ordered him detained pending a detention hearing set before U.S. Magistrate Judge Renée Harris Toliver on Friday, October 28 at 2 p.m.
The complaint shows, victims across the United States were contacted by individuals claiming to be IRS agents. There were two Bank of America accounts were used by Bhogavall in the scam. One account in the name of Touchstone Commodities, Inc while another in the name of Tekdynamics, Inc.
According to the investigation, there were also additional accounts used in the money soliciting scam by Bhogavalli, including a Citibank account held in the name of Touchstone Commodities.
The investigation revealed, there were approximately 242 deposits of cash and money orders, totaling approximately $1,661,247 between November 5, 2014, and February 2, 2015. It consists at least 2,250 separate money orders totaling $1,493,848 were made in one of the Bank of America accounts.
As per the records, Bhogavalli was listed as the Director of Touchstone Commodities. Bhogavalli characterized Touchstone Commodities as an “import-export” business in account opening documents. Touchstone Commodities address is listed as 1425 Greenway Drive, Suite 650, in Irving.
The website shows, Touchstone Commodities is “experienced in the global sourcing and supply of many valuable commodities,” including steel, iron oreand wood chips. Bhogavalli is listed as Chairman of Touchstone Commodities.
According to information on the Tekdynamics website, Bhogavalli was listed as President of Tekdynamics. It is a provider of “technology, outsourcing and consulting needs” with established infrastructure in the United States and India.
Also Read: Cutting Dallas Police and Fire Pension benefit will cut 'big, hairy mess'
Nandini
