Latest news with #AngadPalSingh
New Indian Express
12 hours ago
- New Indian Express
Delhi Police arrest man for Rs 30.47 crore fraud in foreign trade benefits using forged remittance documents
NEW DELHI: Delhi Police's Economic Offences Wing (EOW) has arrested a man for allegedly cheating and forgery to fraudulently obtain trade benefits worth Rs 30.47 crore under the Foreign Trade Policy by submitting fake remittance documents, officials said on Saturday. The case was registered in 2017 after a private bank reported that 467 fake Foreign Inward Remittance Certificates (FIRCs) had been submitted by 18 account holders while processing export documents. 'The FIRCs were dated between 2013, and 2015. Based on these forged FIRCs, the bank issued Bank Realisation Certificates (BRCs) to the account holders. These were then used to claim export benefits from the office of the Director General of Foreign Trade (DGFT),' a senior police officer said. He added that the FIRCs, involving crores of rupees, were issued in the name of another bank. Under the Foreign Trade Policy, exporters could claim duty drawback and duty credit scrips. The duty credit scrips were issued after payment was received in the exporter's account and BRCs were submitted to DGFT. These scrips were used to pay customs duties and could be transferred. 'The accused, Angad Pal Singh, owned five firms with his father and brother and used forged FIRCs to obtain and sell scrips worth `30.47 crore. He fled abroad and was deported from the US after being arrested by the CBI in another case. He was taken into EOW custody on June 2,' DCP (EOW) Vikram Porwal said.
Indian Express
14 hours ago
- Business
- Indian Express
Rs 30 crore trade benefit fraud: Man deported from US arrested in Delhi
The Economic Offences Wing (EOW) of the Delhi Police has arrested a man in connection with a major cheating and forgery case involving trade benefits under the Foreign Trade Policy, the police said Saturday. Angad Pal Singh, also known as Angad Singh Chandhok, along with his associates, is alleged to have caused a loss of Rs 30.47 crore to the government by submitting forged documents to fraudulently avail export incentives, the police said. The case was registered on January 11, 2017, under sections 420 (cheating), 467 (forgery of valuable securities, wills, and other documents), 468 (forgery for the purpose of cheating), 471 (using as genuine a forged document), and 120B (criminal conspiracy) of the Indian Penal Code based on a complaint filed by ICICI Bank. The complaint stated that 467 fake foreign inward remittance certificates (FIRCs) were submitted by 18 account holders, representing 17 firms, to the ICICI Bank branch in Naraina during the processing of their export documentation. These forged FIRCs, reportedly issued by Corporation Bank in Bhikaji Cama Place, covered a period from September 26, 2013, to October 21, 2015. Based on these documents, ICICI Bank issued bank realisation certificates (BRCs), which were subsequently used to claim trade benefits from the Director General of Foreign Trade (DGFT). During the investigation of the case, it was found that as per the Foreign Trade Policy, two kinds of benefits used to be given to the exporters: duty drawback and scrips. The goods to be exported outside India used to pass through a Customs depot or port, and duty drawback was directly credited to the exporter's account by the Customs once a consignment was exported. Whereas the office of DGFT extended the scrip, and this could be used at the time of import of food for exemption from duties. Duty credit scrips (DCS) used to be the credits given to the exporters as incentives,' said DCP (Economic Offences Wing) Vikram Porwal. 'These licences/scrips used to be issued when payment against the export was received in the account of the exporter. After receiving payment against the export, the trader/proprietor of the firm used to submit the export documents to the authorised dealer bank, and after processing the documents, the bank used to issue a bank realisation certificate to the exporter. The exporter would thereafter produce the same to the DGFT and apply for the benefits. After going through the documents, the DGFT used to issue licences/scrips. These incentives used to be given to the exporters in the form of import duty credit and not as direct cash benefits. These credits could be used for the payment of Basic Customs duties and cess, and these scrips are transferable,' DCP Porwal said further. According to the police, Angad Pal Singh, along with his father, Surinder Singh, and brother, Harsahib Singh, jointly owned five firms: Kumar Trading Company, National Trader, Trident Overseas India, HSC Exim India, and AHC Auto Spares. He allegedly managed the operations of these firms and conspired with others, including bank employees, to execute the fraud. Following the registration of the case, the accused fled the country but was later deported from the United States and subsequently arrested by the Central Bureau of Investigation in a separate fraud case. On June 2, the EOW arrested him in the current matter and obtained his police custody. He is currently in judicial custody, the police said. Angad Pal Singh is also accused in another EOW case, registered in 2017. He studied up to Class 12 in Delhi and joined his father's auto spare parts export business. Over time, he extended operations by involving other firms from his family and acquaintances, promising high returns. The investigation has revealed that while forged FIRCs were used to obtain government benefits, no actual foreign remittance was received in their accounts. Three other accused have already been arrested and charge-sheeted in the case. Further investigation is underway.
Time of India
a day ago
- Business
- Time of India
Deported from US, bizman arrested in 30cr export fraud
New Delhi: Economic Offences Wing of Delhi Police arrested Angad Pal Singh, a businessman, in connection with a massive Rs 30.47-crore export fraud involving forged foreign inward remittance certificates (FIRCs). Singh was taken into custody on June 2 after being deported from the US. Singh, who helped his father in the business of auto spare parts, was earlier arrested by Central Bureau of Investigation in another fraud case and was later handed over to EOW for his role in this export scam. Police said a case was registered in 2017 on the complaint of a private bank. The complainant reported that 467 fake FIRCs were submitted to the bank by their 18 account holders (17 firms) during the processing of their export documents. The fake FIRCs were for the period from Sept 26, 2013, to Oct 21, 2015. "Upon receipt of the FIRCs, the bank issued bank realisation certificates (BRCs) to the account holders, who availed trade (export) benefits from the office of Director General of Foreign Trade (DGFT) under the foreign trade policy. All these FIRCs, which ran into crores of rupees, were purportedly issued from a bank at Bhikaji Cama Place," police said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Amazon CFD : La clave para un ingreso extra (Conoce más) Empezar ahora Registrarse Undo Under the foreign trade policy, exporters are entitled to two key benefits: duty drawback and scrips. Duty drawback is directly credited to the exporter's account by the customs department once the goods are successfully exported through designated ports or depots. The second benefit, scrips, is provided by DGFT as an incentive for exporters, allowing exemption from import duties. "These scrips are issued only after the exporter receives payments and submits the necessary documents to an authorised dealer bank. Upon verification, the bank will issue a bank realisation certificate, which the exporter will present to DGFT to claim the benefits," police said. The investigation revealed that Singh, along with his father Surinder Singh and brother, owned five firms and managed the affairs of these companies with them. "They created forged FIRCs and obtained benefits of duty credit scrips worth Rs 30.47 crore and sold them in the open market," DCP (EOW) Vikram Porwal said. The remittance was shown to be received at a bank. They opened bank accounts in a private bank and processed the documents in conspiracy with bank employees. When the complaint was filed, they fled the country.
Hans India
a day ago
- Business
- Hans India
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.
Time of India
a day ago
- Time of India
Delhi fraud case: Man held after scamming government of over Rs 30 crore, used forged documents
A man accused of swindling over Rs 30 crore in export-related benefits under the Foreign Trade Policy by using fake documents has been arrested by Delhi Police after being deported from the US. The accused, identified as Angad Pal Singh, also known as Angad Singh Chandhok, was taken into custody on June 2 after being flown back to India. He is currently in judicial custody and was previously held by the Central Bureau of Investigation in connection with another fraud case. According to the Economic Offences Wing (EOW) of Delhi Police, the case was first registered in January 2017, after a private bank raised a red flag about a series of forged documents. A total of 467 fake Foreign Inward Remittance Certificates (FIRCs) were submitted by 18 account holders linked to 17 firms at the bank's Naraina branch between September 2013 and October 2015, deputy commissioner of Police (EOW) Vikram K. Porwal told PTI. The forged FIRCs, supposedly issued by a Delhi-based branch of the same bank, were used to secure Bank Realisation Certificates (BRCs). These BRCs were then submitted to the Directorate General of Foreign Trade (DGFT) to unlawfully claim duty credit scrips – incentives meant for exporters on the condition of receiving actual export payments. 'These duty credit scrips were intended as non-cash incentives under the Foreign Trade Policy, issued upon actual receipt of export proceeds. However, in this case, the remittances never materialised,' Porwal said. Singh, along with his father Surinder Singh and brother Harsahib Singh, allegedly ran five export firms, Kumar Trading Company, National Trader, Trident Overseas India, HSC Exim India, and AHC Auto Spares, through which they executed the fraud. The scrips obtained were later sold on the open market for profit. Singh fled the country once the scam surfaced but was eventually tracked down and deported. Police said he is also an accused in another EOW case. Three of his co-accused have already been arrested and charge-sheeted. Authorities said further investigation is ongoing to uncover a broader conspiracy and determine whether any bank officials were complicit.
