CBI books 13 firms in foreign remittance scam of over Rs 2,200 crore | india-news | Hindustan Times
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CBI books 13 firms in foreign remittance scam of over Rs 2,200 crore

CBI claims accused companies indulged illegal remittances under fraudulent imports of goods due to which at least six banks incurred loss.

india Updated: May 15, 2017 23:43 IST
HT correspondent
Central Bureau of Investigation
The CBI has claimed to have busted a major scam of over Rs 2,200 crore. (AFP Photo)

The Central Bureau of Investigation (CBI) has filed a criminal case against 13 private firms for allegedly remitting over Rs 2,200 crore to foreign entities against bill payments of imports of only Rs 24.64 crore.

The agency claimed that unknown public officials were also part of the alleged scam and have been listed as accused in the FIR filed. A case under sections for criminal conspiracy, cheating and criminal misconduct was registered against the accused companies, including Stelkon Infratel Ltd (SIPL).

CBI officials said SIPL allegedly indulged in large-scale illegal foreign remittances under fraudulent imports of goods between 2015 -16 due to which at least six banks, including Punjab National Bank and Canara Bank, incurred major loss.

In its FIR, the CBI stated that Rs 680.12 crore was remitted by SIPL using six accounts for imports but in reality, they filed only 25 bills of entry during this period with a declared value of Rs 3.14 crore with the customs. Thus, an excess of ₹676.98 crore was “illegitimately” remitted abroad by SIPL. Many of these transactions were carried out through the company’s account at Punjab National Bank.

According to the agency, 12 other companies remitted Rs 1,572.7 crore abroad using similar modus operandi. The companies allegedly submitted non-existing or forged import documents to the banks.

“All these firms were floated using IEC’s registration at fictitious or non-existent addresses” the CBI alleged.