Exporter Arrested for Rs 30 Crore Scam Linked to Trade Benefit Scheme?
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Synopsis
A significant scam involving an exporter has been uncovered, resulting in massive financial losses to the government. The accused is now in custody after being deported from the US, shedding light on the intricate web of deceit tied to foreign trade benefits.
Key Takeaways
- Exporter arrested for Rs 30 crore scam.
- Fraudulent FIRCs identified by ICICI Bank.
- Duty Credit Scrips obtained through forgery.
- Accused fled to the US before arrest.
- Three accomplices have been charge-sheeted.
New Delhi, June 7 (NationPress) An exporter has been apprehended for cheating and forgery associated with a foreign trade benefit scam, leading to a loss of Rs 30.47 crore to the government, a Delhi Police representative reported on Saturday.
According to Vikram K. Porwal, Deputy Commissioner of Police (Economic Offence Wing), “Angad Pal Singh was taken into custody immediately following his deportation from the US and subsequent arrest by the CBI in an unrelated fraud case.”
The arrest was made based on a complaint from the Naraina branch of ICICI Bank, which identified 467 fraudulent Foreign Inward Remittance Certificates (FIRCs) submitted by 18 account holders (17 firms).
The fraudulent activity pertains to FIRCs dated from September 26, 2013, to October 21, 2015, as per police information.
DCP Porwal indicated that Angad Pal Singh and his relatives fabricated FIRC documents to secure Duty Credit Scrips valued at Rs 30.47 crore, which were subsequently sold on the open market.
These FIRCs, amounting to crores of rupees, were allegedly issued from Corporation Bank, located at Bhikaji Cama Place, Delhi, he stated.
After a complaint was lodged against the exporter and his family, they fled to the US.
“The accused was later deported from the US and apprehended by the CBI in another fraud case. He was arrested by the EOW on June 2, and his police custody was sanctioned by a court,” he mentioned, noting that the accused is currently in judicial custody.
The DCP also stated that three other individuals were arrested earlier in this case and have since been charge-sheeted.
Angad Singh, along with his father Surinder Singh and brother Harsahib Singh, owned five firms, including Kumar Trading Company, National Trader, Trident Overseas India, HSC Exim India, and AHC Auto Spares, according to police records.
Angad Singh, who completed his education up to Class 12 in Delhi, gained insights into the export business from his father, who exported auto spare parts via his firm, National Trader.
He also involved other family and friends' firms under the guise of providing lucrative returns, as per police reports.
Point of View
I find this case deeply concerning, highlighting the vulnerabilities within our foreign trade systems. The government must enforce stricter regulations to prevent such fraudulent activities in the future. It’s crucial for our economy's integrity that we hold offenders accountable and restore public trust.
NationPress
07/06/2025
Frequently Asked Questions
What led to the arrest of Angad Pal Singh?
Angad Pal Singh was arrested due to his involvement in a foreign trade benefit scam that resulted in a loss of Rs 30.47 crore, following a complaint from ICICI Bank.
What are Foreign Inward Remittance Certificates (FIRCs)?
FIRCs are documents issued by banks to confirm the receipt of foreign remittances, which can be used to claim various trade benefits.
How did Angad Singh and his family allegedly commit fraud?
They allegedly forged FIRCs to obtain Duty Credit Scrips and sold them in the market, leading to significant financial losses.
What is the current status of Angad Pal Singh?
He is currently in judicial custody after being arrested by the Economic Offence Wing on June 2.
Have others been arrested in connection with this case?
Yes, three other individuals have been arrested previously and have already been charge-sheeted.
