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Time of India
4 days ago
- Business
- Time of India
Mumbai court grants bail to high-end furniture businessman in Rs 30 crore customs duty evasion case
Mumbai: The Mumbai metropolitan magistrate court on Saturday granted bail to Falgun Shroff, a key accused in the Rs 30 crore customs duty evasion racket unearthed by the Directorate of Revenue Intelligence (DRI). Shroff, the owner of Di Lusso Furniture LLP, was arrested on July 20 for allegedly importing high-end Italian luxury furniture by grossly undervaluing goods and evading customs duties. While granting bail, the court observed that Shroff had no prior criminal antecedents and cooperated with the investigation. The court noted that the DRI had already seized all documentary and electronic evidence, including emails, account books, and devices, during searches at Shroff's office and residence. The accused also deposited Rs 5 crore towards duty payment and expressed willingness to pay more, without admitting any liability, although his bank accounts are currently frozen, argued his advocate Sujay Kantawala. The court directed Shroff to be released on a personal bond of Rs 2 lakh with sureties and imposed strict conditions prohibiting him from tampering with evidence or influencing witnesses. The court remarked that further custodial interrogation was not necessary at this stage as the investigation into past imports will take considerable time. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like TV providers are furious: this gadget gives you access to all channels Techno Mag Learn More Undo You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai DRI officials alleged that Shroff, along with co-accused Sambhaji Bhosale and Manoj Rai, imported premium furniture brands like Poltrona Frau, Fendi, and Minotti using shell companies and dummy Importer Exporter Codes (IECs). The syndicate allegedly fabricated invoices through front firms in Dubai and Singapore to undervalue imports, thereby suppressing customs duty liabilities. All three were released on bail. Officials said the racket has international ramifications and more arrests are likely as several dummy companies and overseas collaborators remain under the scanner.
Time of India
22-07-2025
- Business
- Time of India
Three businessmen arrested for evading 30 crore duty on high-end Italian furniture imports
Mumbai: The Directorate of Revenue Intelligence (DRI) arrested three businessmen for Rs 30 crore duty evasion in the imports of high-end Italian luxury furniture. The three accused were identified as Falgun Yogendra Shroff, owner of Di Lusso Furniture LLP, Sambhaji Bhosale, proprietor of Sam Furniture & Electronics, and Manoj Rai, proprietor of Divine Enterprises. The trio were accused of importing high-end furniture from brands like Poltrona Frau, Ditre Italia, Fendi, Minotti, Giorgetti, and others using shell companies and dummy Importer Exporter Codes (IECs). These companies, falsely declared the goods' value as one-tenth of their actual market price, DRI said. To mask the true value and brands, fake invoices and fabricated Gmail IDs were used to issue under-invoiced proforma invoices from shell companies in Dubai and Hong Kong. Bhosale used his Import Export Code (IEC) to bring in branded furniture under the guise of unbranded or low-value items. The goods were then transported directly to Di Lusso's warehouse in Bhiwandi, bypassing the supposed intermediary, Divine Enterprises. Rai's firm existed only on paper and was used to create a fictitious supply chain, masking the direct link between the importer and the actual beneficiary. The invoices used for customs clearance were reportedly fabricated abroad by an associate firm, Kler Impex Pte Ltd, based in Singapore. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai Sujay Kantawala appearing for the accused in the court denied the charges.
