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2 businessmen held for evading Rs 6.25 crore customs duty
April, 03rd 2014

The Directorate of Revenue Intelligence (DRI) has arrested two importers of embroidery machines on the charges of evading customs duty to the tune of Rs 6.25 crore.

The accused imported computerized embroidery machines from China worth Rs 28 crore by allegedly misusing zero per cent/3 per cent concessional duty Export Promotion Capital Goods (EPCG) scheme.

Official sources said that the accused have been identified as Salil Shah and Kaushal Shukla, both directors of Rudrani Impex Private Limited (RIPL).

The duo cleared a total of 176 consignments of 687 embroidery machines from China valued at Rs 38.10 crore against the EPCG duty benefit amounting to Rs 8.67 crore on the High sea sale (HSS) basis to various 70 importers. Out of the 70 importers, only 19 importers were actual buyers having their manufacturing factories, whereas the remaining 51 were fictitious.

For obtaining Import Export Code (IEC) and EPCG licence for the fictitious firms from the Director General of Foreign Trade (DGFT), the duo prepared forged rent deeds, electricity bills and property tax bills in respect to the branch and factory address of the firms and submitted the same to the DGFT.

After getting the licence, the duo showed the machines imported from China were sold on HSS to the different fictitious importers. HSS is a sale carried out by the carrier document consignee to another buyer even as the goods are yet on high seas or after their dispatch from the port or airport of origin and before their arrival the destination.

"While 19 importers to whom the machines were sold were genuine, there are 51 fictitious importers to whom 505 machines worth Rs 28 crore were sold in cash to evade customs duty. We have booked the duo and they will be presented before the court for seeking their further remand in the custody," said a senior DRI officer.

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