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Hans India
3 days 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.
India Gazette
3 days ago
- Business
- India Gazette
Delhi Police EOW arrests Angad Pal Singh in cheating, forgery case after complaint from ICICI Bank
New Delhi [India], June 7 (ANI): The Economic Offences Wing, Delhi Police, has arrested the accused Angad Pal Singh in a cheating and forgery case of Rs 30.47 crores. The accused Angad Pal 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. As per the Delhi Police, the accused, Angad Pal Singh, used to manage the affairs of these companies along with his father and brother. They have created forged Foreign Inward Remittance Certificates and obtained benefits of Duty Credit Scrips worth Rs. 30.47 Crores and sold it in the open market. The remittance was shown to have been received by the Corporation Bank. They opened bank accounts in ICICI Bank Ltd. and processed the documents in conspiracy with bank employees. When the complaint was filed, they fled out of the country. The accused had been deported from the USA and arrested by CBI in another case of fraud. He was arrested by EOW on Friday. The ICICI Bank Ltd filed a complainant and reported that 467 fake Foreign Inward Remittance Certificate (FIRCs) were submitted to the bank (ICICI Bank, Naraina) by their 18 account holders (17 firms) during processing of their export documents. The FIRC were for the period from September 26, 2013 to October 21, 2015. On receipt of the FIRCs, ICICI issued Bank Realisation Certificates (BRCs) to the account holders, who availed trade (export) benefits from the office of DGFT (Director General of Foreign Trade) under the foreign trade policy. All these FIRCs, which ran into Crores of rupees, were purportedly issued from Corporation Bank, Bhikaji Cama Place, Delhi. 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: (i) Duty Drawback and (ii) Scrips /License/letter/Hundi. The goods which were to be exported outside India used to pass through Customs, and the Duty Drawback was directly credited into the account of the exporter by Customs once a consignment was exported. Whereas, the second benefit was extended by the office of DGFT and this could be used at the time of import of goods for exemption of duties. Duty Credit Scrips (DCS) used to be the credits given to the exporters as incentives. These licenses/scrips used to be issued when payment against the export was received in the account of exporter. It was found that after receiving payment against the export, the trader/proprietor of the firm used to submit the export documents to the AD Bank (Authorized Dealer Bank) and after processing documents, the bank used to issue BRC (Bank Realization Certificate) to the exporter. The exporter thereafter used to produce the same to the DGFT and apply for the benefits. After going through the documents, the DGFT used to issue licenses/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 & Cess, and these Scrips are transferable. The accused is in judicial custody and is involved in one more criminal case registered with the EOW, as per the police. (ANI)
