Hyderabad, May 15 -- Amid raids by the Enforcement Directorate and the Directorate of Revenue Intelligence (DRI), a Hyderabad businessman was arrested earlier this month in an alleged Rs 100 crore luxury car fraud.

The accused was identified as Basharath Khan, the owner of the Hyderabad-based Car Lounge showroom in Gachibowli, reported News Meter. Based on intelligence, the DRI found that luxury cars were imported to India at 50 percent of their original price through deliberate under-invoicing and misdeclaration at Indian ports.

Khan has been accused of importing eight such luxury vehicles, resulting in a customs duty evasion of over Rs 7 crore, reported PTI.

Khan was arrested by the DRI from Surat and remanded to judicial custody by ...