87cr im­port scam

The Times of India (Mumbai edition) - - TIMES CITY - —S Ahmed Ali

A busi­ness­man, who is a di­rec­tor of city-based firm, Es­corp, was ar­rested by DRI of­fi­cials in a Rs 87 crore money laun­der­ing by over-valu­ing im­ported ma­chin­ery. The ac­cused, Dubai-based busi­ness­man Sub­ham Sachdeva (41), who is from Mad­hya Pradesh, was held at Hy­der­abad air­port on Thurs­day. DRI of­fi­cials said Sachdeva had not re­ported to the DRI of­fice de­spite re­minders.

In 2011, Namco In­dus­tries im­ported cap­i­tal goods val­ued Rs 102.92 crore with­out pay­ing any cus­tom duty. Such an im­port is al­lowed un­der a scheme which man­dates that the im­porter has to ex­port goods val­ued six times the im­port value within 6 years of im­port. Namco failed to ful­fil this norm by re­port­ing its com­pany as be­ing “fi­nan­cially sick”. Dur­ing the probe it turned out that Sachdeva’s com­pany, Es­corp con­nived with Namco In­dus­tries and in­flated the value of im­ported ma­chin­ery from Swe­den to 500 times its ac­tual worth which was Rs 15.93 crore. In­fra­struc­ture Pvt Ltd.

Se­nior Inspector of the eco­nomic of­fences wing, Raju Son­awane, said that Dhawda was the first to be ar­rested in March as he had col­lected a to­tal book­ing amount of around Rs 3 crore from 67 buy­ers. In all there were 131 buy­ers. The to­tal cheat­ing amount is Rs 6.65 crore. Around 70% of home­buy­ers were de­fence per­son­nel, who had booked flats, row houses and bun­ga­low plots in the pro­posed hous­ing project.

The other two ac­cused direc­tors, Deepak More (51) and Tarac­hand Prasad (50), are also re­tired wing com­man­ders of In­dian Air Force. While More ob­tained in­terim bail, Prasad has been evad­ing ar­rest, said a po­lice of­fi­cer.

Ahome buyer said a group of 40 buy­ers per­suaded Dhawda to re­cover their money.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.