New Delhi, July 22 -- The Directorate of Revenue Intelligence (DRI) has busted a sophisticated, well-orchestrated customs fraud in imports of premium luxury furniture, said a statement from the Ministry of Finance on Tuesday.

Acting on specific intelligence, DRI officials conducted searches across multiple locations, including business premises, warehouses, offices of freight forwarders, customs brokers, and associated entities. The investigation has exposed a complex, intertwined network used for massive undervaluation and misdeclaration of branded luxury furniture operating across multiple jurisdictions, involving the use of dummy importers (IEC holders), local intermediaries, overseas shell entities, and fabricated invoices.

The inve...