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News18
an hour ago
- News18
So Near Yet 'Sofa': DRI Cracks Down On Rs 30 Crore Luxury Furniture Import Scam
Last Updated: The investigation revealed a meticulously planned operation to evade customs duties by undervaluing premium furniture sourced from top European brands In a significant recent crackdown on customs fraud, the Directorate of Revenue Intelligence (DRI) has uncovered a massive scheme involving the import of luxury furniture using fake invoices and dummy companies. Acting on specific intelligence, DRI Mumbai officers raided several locations linked to a well-known luxury furniture brand operating across India. The investigation revealed a meticulously planned operation to evade customs duties by undervaluing premium furniture sourced from top European brands. Instead of declaring the real price, the accused routed payments through shell companies based in Dubai and Singapore. Goods were shipped directly from Europe to India but were declared as unbranded furniture at a fraction of their actual value. This clever paper trail using dummy importers and fake invoices allowed the masterminds to dodge customs duty worth Rs 30 crore. Searches were conducted at offices, warehouses, freight forwarders, and customs brokers connected to the racket. DRI officials stated that the scam involved multiple layers: shell companies abroad, local intermediaries, dummy Importer Exporter Code (IEC) holders, and fabricated paperwork. Once the furniture cleared customs, it was transferred on paper to the luxury brand's name through a proxy intermediary, but in reality, it went directly to the brand's warehouse or high-end clients. In a swift move, DRI arrested the beneficial owner of the brand, the dummy importer, and the local intermediary on July 21 and 22 under the Customs Act, 1962. Officials noted that this is not an isolated case. Just two months ago, in May, DRI uncovered a similar scam worth over Rs 20 crore, again involving luxury furniture brands using front companies to misdeclare imported goods. Such frauds significantly impact government revenue and harm honest businesses that pay their dues. A senior DRI official said, 'These operations create an unfair market for genuine importers and domestic manufacturers. We are determined to expose these networks and plug the leaks." The DRI is now investigating other shell companies, dummy IEC holders, and financial channels linked to the scam. More arrests and wider revelations are expected as the probe continues. view comments First Published: July 23, 2025, 03:24 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
an hour ago
- Time of India
Fuel switch checks clear Boeing 787s, 737s in AI fleet
Air India NEW DELHI: Air India said Tuesday it has completed inspections and found no faults in the fuel control switch (FCS) locking mechanism on all its Boeing 787 Dreamliners and AI Express Boeing 737s. The checks followed a July 14 directive from DGCA, which ordered Indian carriers to inspect the FCS on all Boeing aircraft. The move came after the June 12 crash of AI-171 in Ahmedabad. Both engines of the London-bound Dreamliner lost power mid-air soon after take-off. According to preliminary probe, fuel supply was cut off when FCS switches for engines 1 & 2 moved from "run" to "cut-off" - one after the other - with a gap of one second. Investigators have not yet determined what caused the switches to transition. "Air India has completed precautionary inspections on locking mechanism of FCS on Boeing 787 and 737 aircraft in its fleet," the airline said in a statement. "With this, the two airlines have complied with DGCA's July 14 directive. No issues were found." The airline said results have been shared with DGCA and reaffirmed its "commitment to the safety of passengers and crew members". by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas in Dubai | Search Ads Get Info Undo The US Federal Aviation Administration had issued a special airworthiness information bulletin in Dec 2018 warning of potential disengagement of the FCS locking mechanism in some Boeing aircraft. Since SAIB was advisory & not mandatory, Air India had not acted on it earlier.
Hindustan Times
an hour ago
- Hindustan Times
France's EDF to withdraw from some overseas projects, cut jobs, sources say
By Forrest Crellin and Elizabeth Pineau France's EDF to withdraw from some overseas projects, cut jobs, sources say PARIS, - France's EDF is cutting its headcount overseas and scrapping bids on some nuclear projects abroad as it focuses on a major construction programme at home under new CEO Bernard Fontana, said two sources familiar with the matter. France, once a global leader in nuclear energy and Europe's largest nuclear power producer, is pulling back at a time of global calls for nuclear expansion, opening the door to new players as high costs and design issues hurt its ability to compete internationally. Fontana was appointed in April to take over the state-run utility after the government became increasingly frustrated with EDF's slow progress in revamping the French nuclear fleet. The new chief executive told a parliamentary hearing on his nomination that he would focus on developing the company's domestic nuclear projects rather than its international business, which employs hundreds of people and has previously built reactors in China, Finland and Britain. He has outlined changes to the overseas business in recent weeks, said the sources, including pulling back from some bids to build reactors outside Europe. The company will focus on tenders for nuclear projects in the Netherlands, Sweden and Finland, where it has a higher chance of winning the bids, said an industry source familiar with the plans. It will also de-prioritise projects in Poland, India, Canada and elsewhere outside Europe, the person said. Reducing its international footprint will allow it to cut costs and redirect people to higher-priority projects, said another industry source familiar with the situation. EDF's recent international projects have faced long delays and cost overruns. Last year it lost out to South Korea's KHNP in a bid for two new reactors in the Czech Republic. Fontana will also reduce headcount on the international sales team, said the sources, with one saying there are plans to cut about 60 jobs, including 10 managers. No decision has been made, EDF said. The group continues its international activities while remaining attentive to the profitability of its commitments, the company said. Europe has always been its first priority and it is focusing on strengthening its European supply chains, a spokesperson for the company said. "The new French nuclear programme is the group's priority," said an official in Prime Minister Francois Bayrou's office. President Emmanuel Macron announced plans in early 2022 for six new French reactors to replace ageing plants and secure future energy supplies, with costs estimated at 67 billion euros , according to a media report last year. The company is heavily indebted, however, after expensive repairs to its nuclear fleet in recent years. EDF is also looking to sell some of its renewable energy assets in North America and Brazil. The company's subsidiaries Framatome and Arabelle, which produce reactor parts, will continue to bid to supply international projects, such as the 1000 in Poland, one of the sources added. This article was generated from an automated news agency feed without modifications to text.
