Delhi Police EOW arrests Angad Pal Singh in cheating, forgery case after complaint from ICICI Bank

New Delhi [India], June 7 : The Economic Offences Wing, Delhi Police, has arrested the accused Angad Pal Singh in a cheating and forgery case of Rs 30.47 crores.
The accused Angad Pal Singh, along with his father Surinder Singh and brother Harsahib Singh, was holding ownership of five firms, namely Kumar Trading Company, National Trader, Trident Overseas India, HSC Exim India and AHC Auto Spares.
As per the Delhi Police, the accused, Angad Pal Singh, used to manage the affairs of these companies along with his father and brother. They have created forged Foreign Inward Remittance Certificates and obtained benefits of Duty Credit Scrips worth Rs. 30.47 Crores and sold it in the open market. The remittance was shown to have been received by the Corporation Bank.
They opened bank accounts in ICICI Bank Ltd. and processed the documents in conspiracy with bank employees. When the complaint was filed, they fled out of the country. The accused had been deported from the USA and arrested by CBI in another case of fraud. He was arrested by EOW on Friday.
The ICICI Bank Ltd filed a complainant and reported that 467 fake Foreign Inward Remittance Certificate (FIRCs) were submitted to the bank (ICICI Bank, Naraina) by their 18 account holders (17 firms) during processing of their export documents. The FIRC were for the period from September 26, 2013 to October 21, 2015.
On receipt of the FIRCs, ICICI issued Bank Realisation Certificates (BRCs) to the account holders, who availed trade (export) benefits from the office of DGFT (Director General of Foreign Trade) under the foreign trade policy. All these FIRCs, which ran into Crores of rupees, were purportedly issued from Corporation Bank, Bhikaji Cama Place, Delhi.
During the investigation of the case, it was found that as per the Foreign Trade Policy, two kinds of benefits used to be given to the exporters: (i) Duty Drawback and (ii) Scrips /License/letter/Hundi. The goods which were to be exported outside India used to pass through Customs, and the Duty Drawback was directly credited into the account of the exporter by Customs once a consignment was exported.
Whereas, the second benefit was extended by the office of DGFT and this could be used at the time of import of goods for exemption of duties. Duty Credit Scrips (DCS) used to be the credits given to the exporters as incentives. These licenses/scrips used to be issued when payment against the export was received in the account of exporter.
It was found that after receiving payment against the export, the trader/proprietor of the firm used to submit the export documents to the AD Bank (Authorized Dealer Bank) and after processing documents, the bank used to issue BRC (Bank Realization Certificate) to the exporter.
The exporter thereafter used to produce the same to the DGFT and apply for the benefits. After going through the documents, the DGFT used to issue licenses/scrips. These incentives used to be given to the exporters in the form of Import duty credit and not as direct cash benefits. These credits could be used for the payment of Basic Customs Duties & Cess, and these Scrips are transferable.
The accused is in judicial custody and is involved in one more criminal case registered with the EOW, as per the police.