Forex scam busted: Exporter who deposited ₹137crore destroyed crucial evidenceUpdated: Sep 07, 2017 23:21 IST
An exporter from Mumbai, recently arrested from a south Mumbai hotel in connection with a foreign exchange scam, has destroyed crucial evidence in the case.
Hiten Haria deposited approximately Rs137 crore in foreign exchange and allegedly forged currency declaration forms (CDFs) to claim remittance for exported goods.
- Filling CDFs is mandatory if the value of foreign currency notes a passenger is carrying exceeds $5,000 and if the aggregate of the foreign exchange (in the form of currency notes, bank notes, traveller cheques etc.) with a passenger exceeds $10,000
- After the currency is declared, it is verified by customs officers
- After verification, the foreign currency can be deposited in bank with the CDFs
- In this case, the forms were filled by exporters under the name of fictitious passengers — say a Nigerian travelling to the city to purchase garments from them. The signatures of the customs officials on the forms were forged, alleged the agency
- These forms were then submitted to banks
According to the sources, the exporter first converted black money into white and later claimed government incentives on it.
Haria is alleged to have received Rs10 crore in export incentives (called duty drawback).
Haria, in his statement to the DRI, said he had destroyed all evidence, stationery used for preparing fake/forged forms and mobile phones.
The exporter allegedly operated various companies namely Ashapura texfab Pvt Ltd, Ashapura Clothing Pvt Ltd and Ashapura exports, and submitted the forms to banks in their names, alleged DRI.
The DRI has arrested eight people, including textile exporters, for claiming excise duty benefits from the government by showing fake CDFs.