NEW DELHI: Delhi Police’s Economic Offences Wing (EOW) has arrested a man for allegedly cheating and forgery to fraudulently obtain trade benefits worth Rs 30.47 crore under the Foreign Trade Policy by submitting fake remittance documents, officials said on Saturday. The case was registered in 2017 after a private bank reported that 467 fake Foreign Inward Remittance Certificates (FIRCs) had been submitted by 18 account holders while processing export documents.
“The FIRCs were dated between 2013, and 2015. Based on these forged FIRCs, the bank issued Bank Realisation Certificates (BRCs) to the account holders. These were then used to claim export benefits from the office of the Director General of Foreign Trade (DGFT),” a senior police officer said. He added that the FIRCs, involving crores of rupees, were issued in the name of another bank.
Under the Foreign Trade Policy, exporters could claim duty drawback and duty credit scrips. The duty credit scrips were issued after payment was received in the exporter’s account and BRCs were submitted to DGFT. These scrips were used to pay customs duties and could be transferred.
“The accused, Angad Pal Singh, owned five firms with his father and brother and used forged FIRCs to obtain and sell scrips worth `30.47 crore. He fled abroad and was deported from the US after being arrested by the CBI in another case. He was taken into EOW custody on June 2,” DCP (EOW) Vikram Porwal said.