Singapore based Indian held in ₹10 crore international trade scam
New Delhi, The Economic Offences Wing of the Delhi Police has arrested a 67-year-old Singapore citizen for his alleged involvement in the case of ₹10 crore international trade fraud involving forged shipping documents, an official said Thursday.
The accused, Mukesh Gupta, Managing Director of a private limited company was arrested on April 22 following a complaint filed by a Delhi-based firm for defrauding them in a timber import deal.
According to the complaint, the firm had entered into an agreement with Gupta's company for timber imports from New Zealand and made payments through Letters of Credit . However, the shipment never arrived, police said in a statement.
Investigations revealed that Gupta submitted forged Bills of Lading and fabricated shipping documents to a bank in Singapore which forwarded them to the bank located in Connaught Place. Acting on these fraudulent papers, the bank released around ₹10 crore, despite no cargo being shipped, the statement read.
Teams verified the documents with shipment agencies, all of whom denied any such shipment. The ship named in the documents had not carried any such consignment to India, confirming the BLs were completely fictitious, it said.
The fake documents were seized from the bank's branch and formed a crucial part of the evidence. Gupta had repeatedly evaded investigation by citing health issues, but he joined the probe and was taken into custody, read the statement.
Following his arrest, Gupta was remanded to one day of police custody on April 29. During interrogation, he provided vague and misleading responses and was subsequently remanded to judicial custody until May 14.
He was confronted by representatives from the shipping firm, who confirmed that their company's name and seal had been used fraudulently.
The accused's modus operandi involved forging BLs, invoices, and insurance documents using the names of legitimate international entities to obtain illicit funds against LCs, without delivering any goods.
The EOW has officially notified the High Commission of Singapore in Delhi about his arrest as per diplomatic protocol. Further investigation into the case is ongoing, the statement added.
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