A Special Court here on Thursday dismissed bail petition filed by Alex C.Joseph, who was recently arrested on the charges of illegally importing luxury vehicles.
Dismissing the bail petition, S.Vanangamudi, Principal Special Judge for CBI cases, said the case was under investigation. If the petitioner (Alex) was released on bail, further progress would be affected. He might abscond and tamper with evidence.
According to the Central Bureau of Investigation, during 2008-2010, Alex imported luxury vehicles from abroad through sea ports and airports in names of non-resident Indians (NRIs) returning to the country, and using them as conduits sold the vehicles to his customers by violating pre and post-import provisions and evading customs duty.
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He had submitted undervalued invoices and also tampered the chassis and engine numbers to evade the duty.
The CBI alleged that in connivance with Alex, Muruganantham, senior officer of Directorate of Revenue Intelligence had not taken any steps to seize the vehicles. Muruganantham was cited as first accused in this case.
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The CBI also alleged that they caused wrongful loss to the tune of Rs.48.40 crore to the Government.