Delhi exporter held for Rs 30 crore scam linked to trade benefit scheme
New Delhi: An exporter was arrested for cheating and forgery related to a foreign trade benefit scam, causing a loss of Rs 30.47 crore to the exchequer, a Delhi Police official said on Saturday.
'Angad Pal Singh was arrested soon after his deportation from the US and arrest by CBI in another case,' said Vikram K. Porwal, Deputy Commissioner of Police (Economic Offence Wing).
He said the accused was arrested on the complaint of the Naraina branch of ICICI Bank, which detected 467 fake Foreign Inward Remittance Certificates (FIRCs) submitted by its 18 account holders (17 firms).
The scam is linked to FIRCs for the period from September 26, 2013, to October 21, 2015, the police said.
DCP Porwal said that Angad Pal Singh and his family members created forged FIRC and obtained benefits of Duty Credit Scrips worth Rs 30.47 crore and sold them in the open market.
All these FIRCs, which ran into crores of rupees, were purportedly issued from Corporation Bank, Bhikaji Cama Place, Delhi, he said.
DCP Porwal said that soon after a complaint was filed against the exporter and his family, they fled to the US.
'The accused was later deported from the US and arrested by the CBI in another case of fraud. He has been arrested by EOW on June 2, and his police custody was obtained from a court,' he said, adding that the accused is presently in judicial custody.
The DCP said that three other accused were arrested in this case earlier. They have already been charge-sheeted.
Angad Singh, along with his father Surinder Singh and brother Harsahib Singh, was holding ownership of five firms, namely Kumar Trading Company, National Trader, Trident Overseas India, HSC Exim India and AHC Auto Spares, the police said.
Angad Singh, who studied till Class 12 in Delhi, learnt the tricks of export business from his father, who exported auto spare parts through his firm, National Trader.
He also engaged some other firms belonging to his family/friends on the pretext of providing high returns, the police said.
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