Special Correspondent

CHENNAI: Officials of the Directorate of Revenue Intelligence (DRI) on Monday arrested a Singapore national on charges of undervaluing the imports and evading Customs duty.

An official communication from the DRI authorities said the arrest was effected following specific information that certain Indian importers were purchasing parts of excavators from a Singapore firm. They then undervalued the imports with the connivance of the Managing Director of the firm.

The DRI authorities also received information that the Managing Director of the Singapore firm was in Bangalore to visit a fair.

Appearing before the officials of the DRI, Bangalore and Chennai, the Managing Director accepted that his company had sent undervalued invoices to the Indian importers. He also handed over invoices downloaded from his laptop computer. He admitted that the actual invoice was the one showing higher value. The evidences collected from him indicated that a transaction value of more than Rs.10 crore had taken place and evasion of Customs duty on these consignments would be more than Rs.2.5 crore.

The DRI authorities had conducted searches in different parts of the country including Kolkata and Hyderabad besides Bangalore.

Further investigation is on, the release added.