Probe into Kerala man’s `55 crore from Bulgaria
The Enforcement Directorate launched a probe into the deposit of `55 crore into the bank account of Kochi-based Trade International, that claims to be an import and export firm.
The ED grew suspicious about the whole deal as the firm received the amount for exporting edible oil to Bulgaria.
According to ED officials, the Kochi firm owned by Jose George received `55 crore in his firm’s account in July from a Bulgarian firm named Zevzda as payment for exporting sunflower oil, sugar and other commodities. The money was remitted in the form of a Letter of Credit at the Trade Facilitation branch of SBI on Willingdon Island in the account of the exporter.
A few days after the deposit, Mr George withdrew `30 crore and parked it in the accounts of his family members. The bank asked Mr George to furnish documents related to the exports before withdrawing the money.
Officials smelt a rat when the customs department found that the documents submitted by Mr George were forged, said an ED official.
“The customs officials found that no material was shipped. However, since the money was already withdrawn, the customs officials referred the matter to the ED,’’ said the official.
The ED’s investigation also revealed that some export documents submitted by the firm carried a forged seal of the customs department. The ED then froze all accounts to which money was transferred. According to preliminary investigations, Trade International had executed only one export contract — exporting sunflower oil to Iraq, during the whole year. It entered into a deal with the Bulgarian company during the same period.
“The whole export deal sounds dubious as a firm is allowed to export a maximum of 2,00,000 tonnes of edible oil in one year. The company has claimed an export volume that is much higher than the permitted level,” the ED official said.
The Bulgarian company has declined to provide more details about the export contract on the request made by the ED. “The importer is not willing to register a complaint, raising suspicion that the money was sent for some other purpose under the cover of an export deal,’’ officials added.