Man held for Rs 30.47 cr trade benefit fraud using forged documents in Delhi: Police

New Delhi, Jun 7 (PTI) Delhi Police has arrested a man accused of cheating and forgery to fraudulently obtain trade benefits worth over Rs 30.47 crore under the Foreign Trade Policy by submitting forged remittance documents, an official said on Saturday.

The accused, identified as Angad Pal Singh alias Angad Singh Chandhok, was arrested on June 2 after being deported from the United States, a police statement said.

"He was earlier apprehended by the Central Bureau of Investigation in connection with another fraud case and is currently in judicial custody.

"The case was initially registered in January 2017 based on a complaint from a private bank," Deputy Commissioner of Police (Economic Offences Wing) Vikram K. Porwal said in a statement.

The bank had alleged that 467 fake Foreign Inward Remittance Certificates (FIRCs) were submitted by 18 account holders - belonging to 17 different firms - at its Naraina branch for processing export documents between September 2013 and October 2015, the officer said.

He said that the FIRCs, purportedly issued by one of its branches in Delhi, were used by the accused to obtain Bank Realization Certificates (BRCs), which were then submitted to the Directorate General of Foreign Trade (DGFT) to fraudulently avail duty credit scrips.

"These duty credit scrips were intended as non-cash incentives under the Foreign Trade Policy, issued upon actual receipt of export proceeds. However, in this case, the remittances never materialised," the DCP said.

Singh, along with his father Surinder Singh and brother Harsahib Singh, managed five export firms -- Kumar Trading Company, National Trader, Trident Overseas India, HSC Exim India, and AHC Auto Spares.

Together, they allegedly forged FIRCs and obtained scrips, which were later sold in the open market, causing a loss of Rs 30.47 crore to the exchequer, the DCP alleged.

The accused fled India after the alleged fraud came to light but was eventually deported and taken into custody. He is also named in another EOW case.

Three co-accused have already been arrested and charge-sheeted in connection with the case, police said, adding that further investigation is underway to trace the larger conspiracy and identify any collusion with bank officials. PTI SSJ RT RT