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CBI unearths Rs 2,200 crore foreign remittances scam

LiveMint logoLiveMint 15-05-2017 PTI

New Delhi: The Central Bureau of Investigation (CBI) has claimed to have busted a major scam of over Rs2,200 crore where 13 companies allegedly remitted the amount to foreign entities against bill payments of imports of only Rs24.64 crore.

The CBI has registered a case against Stelkon Infratel Ltd (SIPL) and 12 other companies for allegedly making these remittances. SIPL allegedly indulged in large-scale illegal foreign remittances under fraudulent imports of the goods during 2015 -16.

Many of these transactions were effected through the company’s account at Punjab National Bank, the CBI alleged. The agency alleged that in total Rs680.12 crore was remitted by the company using six accounts for imports but actually they filed only 25 bills of entry during this period with a declared value of Rs3.14 crore with the customs. Thus, an excess of Rs676.98 crore was “illegitimately” remitted abroad by SIPL, the CBI alleged in the FIR.

Similar modus operandi was also used by 12 other companies who remitted Rs1,572.7 crore abroad by allegedly submitting non-existing or forged import documents to the banks, it alleged.

“All these firms were floated using IEC’s registration at fictitious or non-existent addresses. These firms have imported miscellaneous consignment through JNPT and Mumbai Port during the year 2015 and 2016,” the CBI alleged.

It alleged that the amount remitted by these firms through banks was around Rs2,252.82 crore while the actual import was to the tune of only Rs24.64 crore.

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