The CBI has registered a case against 13 companies for alleged illegal transfer of over ₹2,250 crore to foreign entities against imports worth just about ₹24.64 crore. The premier investigating agency suspects it to be a case of trade-based money laundering.
Over 1,211 transactions were made through Punjab National Bank, Canara Bank, State Bank of Hyderabad, Corporation Bank, Central Bank of India and Axis Bank in 2015-16.
The companies, floated using Import-Export Code registration at fictitious addresses, were operating several current accounts in various banks. They had imported miscellaneous consignments through the Nhava Sheva and Mumbai ports in 2015-16.
The firms are Stelkon Infratel, Apolla Enterprises, Kundan Trading, Disney International, Anek Trading, Lubeez Enterprises, Pawan Enterprise, Lemon Trading Company, Padilite Traders, Fine Touch Impex, Azure Enterprises, Seabird Enterprises and Iconic Enterprises.
Forged bills
Explaining the modus operandi , the FIR alleges that forged Bills of Entry were presented to the banks for effecting remittances. Their details did not match with the Customs Import data. The other details such as the invoice number, name of the supplier, description of goods and value appeared to be completely different from the Customs data. In certain cases, the same Bill of Entry was submitted to different banks and money remitted against it. While in some cases, the Bills of Entry of unrelated importer were presented to the bank and money was remitted abroad.
“ Prima facie , it appears that the banks have not exercised due diligence. There appears to be no cross-checking regarding the veracity of the Bill of Entry before remitting the amount,” said the FIR, alleging role of bank officials in the matter.
