The Hindu : Warrant issued against Rastogi

Online edition of India's National Newspaper
Friday, Feb 14, 2003

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Warrant issued against Rastogi

By Our Staff Reporter

NEW DELHI FEB. 13. A Delhi court today issued a production warrant against Ravindra Rastogi, an alleged economic offender, for keeping export proceeds totalling $ 1,53,750 abroad beyond the stipulated period.

The Additional Chief Metropolitan Magistrate (ACMM), V.K. Maheshwari, issued the warrant for March 6. The ACMM directed the Special Public Prosecutor (SPP) for the Enforcement Directorate (ED), Naveen Kumar Matta, to gather particulars of the accused and submit them to the court so that the court staff could send the warrant at proper address.

The accused was recently deported to India and at present lodged in a Mumbai jail. He was wanted for allegedly taking the payment of duty drawback of Rs. 43.66 crores for export of bicycle parts to different countries in a fraudulent manner.

He was arrested in Dubai on the basis of a Red Corner notice issued by the Interpol and deported on a CBI request.

The case against Ravindra Rastogi and three of his brothers -- Narendra Rastogi, Virendra Rastogi and Subhash Rastogi -- relates to the year 1995-96 during which 14 Delhi-based companies and firms exported bicycle parts to Russia, Hong Kong and other countries at exorbitantly over-invoiced FoB export value with a dishonest intention to cheat the government by claiming excess custom duty drawback.

The fraud came to notice when three of their consignments were intercepted and checked at Chennai port by the Directorate of Revenue Intelligence (DRI). Subsequently, investigation undertaken into exports made by them from Mumbai port were also conducted.

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