- विज्ञापन -
New Delhi: The Delhi Police’s Economic Offenses Wing has detained Angad Pal Singh in connection with a cheating and forgery scam valued at Rs. 30.47 crore. Singh, along with his father Surinder Singh and brother Harsahib Singh, operated five companies—Kumar Trading Company, National Trader, Trident Overseas India, HSC Exim India, and AHC Auto Spares—where he managed the business affairs.
The police allege that Singh created fake Foreign Inward Remittance Certificates (FIRCs) and falsely claimed duty benefits worth Rs. 30.47 crore, which he then sold unlawfully. These FIRCs were shown to have been issued by Corporation Bank and presented to ICICI Bank, where Singh opened accounts and processed the forged documents in collusion with bank employees. When the complaint was filed, Singh and his associates fled the country but were deported from the US and previously arrested by the CBI for fraud.
The ICICI Bank reported that 467 fake FIRCs, issued between September 2013 and October 2015, were submitted by 18 account holders from 17 firms to claim unauthorized export benefits under the foreign trade policy. These benefits included Duty Drawback and Duty Credit Scrips, which are incentives for exporters meant to be used for importing goods or paying customs duties. The investigation revealed that these fake certificates were used to obtain and transfer credits fraudulently, falsely claiming export benefits.
Singh remains in judicial custody and is involved in another criminal case registered with the EOW.
