Forex scam busted: Exporter who deposited ₹137crore destroyed crucial evidence

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.

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. (HT)

Hiten Haria deposited approximately Rs137 crore in foreign exchange and allegedly forged currency declaration forms (CDFs) to claim remittance for exported goods.

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 DRI has arrested eight people, including textile exporters, for claiming excise duty benefits from the government by showing fake CDFs.