Latest news with #BRCs
New Indian Express
16 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
17 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.
Hindustan Times
a day ago
- Business
- Hindustan Times
Delhi: 30-year-old arrested for over ₹30 crore import/export fraud
A 30-year-old man has been arrested for allegedly orchestrating a ₹30.47 crore fraud by submitting forged remittance documents to avail export incentives under the Foreign Trade Policy, the Delhi Police's Economic Offences Wing (EOW) said on Saturday. The accused, Angad Pal Singh also known as Angad Singh Chandhok, was deported from the United States and arrested on June 2, said deputy commissioner of police (EOW) Vikram Porwal. Singh conspired with a private bank employees to forge more than 460 Foreign Inward Remittance Certificates (FIRCs), which were used to fraudulently claim duty credit scrips — government-issued incentives meant for exporters, said police. 'Singh and his father Surinder Singh and brother Harsahib Singh managed five export firms that used these forged FIRCs to illegally secure trade benefits from the Directorate General of Foreign Trade (DGFT),' said DCP Porwal. The firms — Kumar Trading Company, National Trader, Trident Overseas India, HSC Exim India, and AHC Auto Spares — allegedly did not receive any legitimate export payments. Police said that the case, registered in 2017 following a complaint from a private bank, involves a complex web of document forgery and financial manipulation. According to investigators, between 2013 and 2015, the private bank's Naraina branch received 467 fraudulent FIRCs purportedly issued by a second private bank's Bhikaji Cama Place branch. These FIRCs falsely claimed foreign remittances for exports that never occurred, police said. According to police, based on these documents, the first private bank issued Bank Realisation Certificates (BRCs), which the accused firms used to obtain Duty Credit Scrips from DGFT. The scrips, which are tradable, allow importers to offset customs duties. 'This fraud was not just limited to paper forgery. The accused opened accounts at the first private bank and processed fake export documentation with alleged assistance from within the bank,' Porwal said, adding that the proceeds from the sale of these scrips were never backed by real exports. Singh, a class 12 pass-out from Delhi, reportedly learned the ropes of the export-import business from his father, an auto parts trader. He later roped in his friends and relatives to set up additional shell firms under the promise of high returns, police said. Three co-accused have already been arrested and charge-sheeted in the case, police added. Singh was sent to judicial custody and is also linked to another fraud case under investigation by EOW. Police said further inquiries are underway to identify the full scale of the alleged conspiracy and potential involvement of bank officials.
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.
Time of India
07-05-2025
- Health
- Time of India
BM Education: Boosting autism support in schools nationwide
children with Autism Spectrum Disorder Block Resource Centres Samagra Shiksha scheme Autism Therapist inclusive education In a focused effort to make education more inclusive, the government is enhancing support systems for(ASD) through its(BRCs). These centres are playing a crucial role in delivering specialized therapy services and educational interventions designed to help children with ASD reach their full developmental and learning the centrally sponsored, BRCs act as dedicated hubs providing therapy-based support tailored to meet the physical, cognitive, and communicative needs of children with special needs (CwSN). These centres offer a wide range of services, including occupational therapy to improve fine motor skills and daily living abilities, physiotherapy to enhance mobility and coordination, and speech therapy to address language delays and social interaction challenges. In addition, psychological and behavioural support helps children build emotional resilience, develop social skills, and gain BRC is staffed with trained resource persons, special educators, and therapists who collaborate with parents, teachers, and caregivers to create individualised intervention plans. The centres also conduct regular screening camps, parent counselling sessions, and teacher orientation programs to ensure that every child's unique needs are addressed. Additionally, BRCs facilitate access to assistive devices, teaching aids, and other educational resources to enhance learning experiences for children with Rao, a Child Development Specialist and, praised the integration of therapy services within the school system, calling it a transformative step towardin India. 'Children with ASD often face multiple challenges ranging from communication delays and sensory processing issues to social and behavioural difficulties. By incorporating essential therapies like speech and occupational therapy into the school environment, we're not only addressing developmental delays, but we're also fostering long-term independence, confidence, and readiness for learning,' she further emphasised that the collaborative approach where educators, therapists, and parents work together ensures that interventions are consistent and tailored to each child's specific needs. Early identification and intervention are crucial, and regular counselling and awareness sessions for families and teachers reduce stigma while promoting acceptance of neurodiversity.
