Irving businessman Narasimha Bhogavalli, 50, is behind bars after being arrested by FBI agents on a federal complaint tied to a brazen IRS impersonation scam that sucked $1.6 million from terrified victims across the U.S. The scheme relied on fear—phony agents threatened arrest, dangling jail time unless victims paid up through money orders and cash dumps into accounts Bhogavalli controlled.
Between November 2014 and February 2015, Bhogavalli’s web of bank accounts—including two at Bank of America under Tekdynamics, Inc. and Touchstone Commodities, Inc., plus a Citibank account also under Touchstone—became dumping grounds for fraud. A total of 242 deposits, including at least 2,250 money orders valued at $1,493,848, flooded one Bank of America account alone. In just two weeks in January 2015, another $37,957 poured in through 60 money orders. The Citibank account collected an additional $96,716 from 128 money orders.
The scam operated like a criminal assembly line. Victims, often elderly or vulnerable, were strong-armed into compliance by callers claiming to be federal agents. They were told warrants had been issued, their Social Security numbers flagged—only immediate payment would save them. The cash and money orders were funneled into Bhogavalli’s accounts, then swiftly moved. Wire transfers—many exceeding $10,000—raced through multiple accounts before being shipped overseas, primarily to India.
Bhogavalli, listed as President of Tekdynamics and Chairman of Touchstone Commodities, both based at 1425 Greenway Drive in Irving, used the façade of legitimate import-export and tech operations to mask the fraud. Touchstone’s website boasts global trade in iron ore and wood chips; Tekdynamics claims infrastructure in the U.S. and India. But investigators say the real business was laundering fear and stolen cash.
U.S. Magistrate Judge Paul D. Stickney ordered Bhogavalli detained after his initial appearance. A detention hearing was scheduled for October 28, 2016, before Judge Renée Harris Toliver. The federal complaint, sworn under oath, charges Bhogavalli with monetary transactions in property derived from specified unlawful activity—a charge carrying a maximum penalty of 10 years in federal prison and a $250,000 fine. No plea has been entered yet; the defendant is presumed innocent until proven guilty.
The case was spearheaded by the FBI and the U.S. Treasury Inspector General for Tax Administration (TIGTA). Assistant U.S. Attorney J. Nicholas Bunch is leading prosecution. The U.S. Attorney’s Office has 30 days to present evidence to a grand jury for indictment. As the feds build their case, Bhogavalli’s empire of deception is crumbling—one wire transfer at a time.
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Key Facts
- State: Texas
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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