Bank man­ager, firm direc­tor held for 15cr forex fraud

The Times of India (Mumbai edition) - - TIMES CITY - Ma­teen.Hafeez @times­group.com

Mum­bai: The Di­rec­torate of Rev­enue In­tel­li­gence of­fi­cials on Fri­day ar­rested Ashok Pur­swani, branch man­ager of Union Bank of In­dia, and Aamil Fruit­wala, direc­tor of AN Forex Pvt Ltd, for al­legedly sub­mit­ting and ac­cept­ing fake doc­u­ments show­ing re­mit­tance from ex­ports and claim­ing draw­backs, caus­ing a loss of over Rs 15 crore to the gov­ern­ment. The for­eign cur­rency de­posits un­der the cur­rency dec­la­ra­tion form (CDF) never took place. How­ever, the 11 ac­cused ar­rested so far in this case claimed to have “de­posited” for­eign cur­rency in the Union Bank amount­ing to over Rs 200 crore and claimed draw­backs.

Pur­swani (55) was ar­rested from his of­fice in south Mum­bai. “He was promised com­mis­sion rang­ing from Rs 0.5 to Rs 0.10 per US dol­lar de­posit in his bank. All the fraud­u­lent trans­ac­tions were done from Fe­bru­ary to July. Dur­ing this pe­riod, Pur­swani got Rs 18 lakh as com­mis­sion,” said a DRI of­fi­cer. Fruit­wala earned Rs 25 lakh com­mis­sion.

DRI is prob­ing a case of un­scrupu­lous ex­porters fraud­u­lently avail­ing the fa­cil­ity of draw­back. When for­eign cur­rency is de­posited in a bank by ex­porters, they fill up CDFs and get draw­backs (as re­ward) from the gov­ern­ment for bring­ing for­eign cur­rency in In­dia. Ear­lier, the DRI had ar­rested nine per­sons in­clud­ing a CA.

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