CBI busts foreign remittance scam of over Rs 2,200 cr
SIPL allegedly indulged in large-scale illegal foreign remittances under fraudulent imports of the goods during 2015 -16.
Many of these transactions were effected through the company’s account at Punjab National Bank, the CBI alleged.
The agency alleged that in total Rs 680.12 crore was remitted by the company using six accounts for imports but actually they filed only 25 bills of entry during this period with a declared value of Rs 3.14 crore with the customs.
Thus, an excess of Rs 676.98 crore was “illegitimately” remitted abroad by SIPL, the CBI alleged in the FIR.
Similar modus operandi was also used by 12 other companies who remitted Rs 1,572.7 crore abroad by allegedly submitting non-existing or forged import documents to the banks, it alleged.