Bank manager, firm director held for 15cr forex fraud
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.