CBI books 13 firms in ₹2,200-cr scam

NEWDELHI: The Central Bureau of Investigation (CBI) has filed a criminal case against 13 private firms for allegedly remitting over ₹2,200 crore to foreign entities against bill payments of imports of only ₹24.64 crore.

The agency claimed that unknown public officials were also part of the alleged scam and have been listed as accused in the FIR filed. A case under sections for criminal conspiracy, cheating and criminal misconduct was registered against the accused companies, including Stelkon Infratel Ltd (SIPL).

CBI officials said SIPL allegedly indulged in large-scale illegal foreign remittances under fraudulent imports of goods between 2015 -16 due to which at least six banks, including Punjab National Bank and Canara Bank, incurred major loss.

In its FIR, the CBI stated that ₹680.12 crore was remitted by SIPL using six accounts for imports but in reality, they filed only 25 bills of entry during this period with a declared value of ₹3.14 crore with the customs. Thus, an excess of ₹676.98 crore was “illegitimately” remitted abroad by SIPL. Many of these transactions were carried out through the company’s account at Punjab National Bank.

According to the agency, 12 other companies remitted ₹1,572.7 crore abroad using similar modus operandi. The companies allegedly submitted non-existing or forged import documents to the banks.

“All these firms were floated using IEC’s registration at fictitious or non-existent addresses” the CBI alleged.