DRI busts Rs.30-cr duty evasion of imported lux furniture
MUMBAI, July 24 -- The Mumbai unit of the Directorate of Revenue Intelligence (DRI) has detected a Customs fraud worth Rs.30 crores, allegedly involving the import of luxury furniture from Europe, through misdeclaration and undervaluation. The DRI has arrested three accused persons this week for their alleged involvement in the case, according to agency officials.
Acting on specific intelligence, the DRI teams undertook extensive searches this week across multiple locations in the state, including business premises, warehouses, offices of freight forwarders, and other associated entities, agency officials said.
The key accused was arrested on Monday. Officials said he owned a luxury furniture store which directly sourced the furniture from Italian and European brands for sale. However, the invoicing was done in the name of shell companies based in Dubai and the United Arab Emirates. The probe also revealed the use of a Singapore-based intermediary that allegedly falsely declared the goods as non-branded furniture at undervalued rates before Indian Customs authorities for clearance.
Once cleared through Customs, the goods were transferred on paper to the key accused via a local intermediary created for the purpose. "In reality, the goods were directly sent to the beneficial owner or the customer," the official said.
There was a gross undervaluation of between 70% and 90% of the actual transaction value, resulting in an estimated duty evasion of around Rs.30 crore. Apart from the key accused, the DRI also nabbed a dummy importer and an intermediary on Monday and Tuesday under relevant provisions of the Customs Act, the officials said....
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