87cr import scam
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.