Man involved in overvaluation fraud held in Kolkata

New Delhi, Feb 27 (IANS): The Customs department in Kolkata achieved a major breakthrough on Friday after its special investigation branch at the Air Cargo Complex nabbed a suspect involved in overvaluation of export goods worth crores of rupees.

"The Air Cargo Complex, Kolkata, has achieved a major breakthrough in a case of overvaluation of export goods by fabricating GST tax invoices in the name of non-existent suppliers," officials said.

The officials informed that a Customs team has arrested an exporter involved in this racket for attempting to export four consignments of ball-bearings by mis-declaring value (overvaluation) to avail higher export incentives.

The officials added that the accused was produced before the Chief Judicial Magistrate, Barasat, who sent him to judicial custody for 14 days. They also informed that the attempted defrauding by the person amounted to the tune of over Rs 4 crore in terms of Integrated Goods and Service Tax (IGST) and Merchandise Exports from India Scheme (MEIS) benefits.

Meanwhile, the team said that a money laundering angle is also being probed by it. "As no foreign remittance has been received for any past shipment of the exporter, the money laundering angle is also being probed. The presence of a racket is being suspected," an official said.


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Title: Man involved in overvaluation fraud held in Kolkata

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