Latest news with #ForeignInwardRemittanceCertificates
New Indian Express
3 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.
Hindustan Times
9 hours 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.
Hans India
20 hours 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
21 hours 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.
India Gazette
21 hours 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)
