DRI arrests six for evading Customs Duty via fake IECs

The Directorate of Revenue Intelligence (DRI) arrested six persons for allegedly under-valuing goods to evade Customs Duty by using fictitious Import Export Code (IEC) numbers.

The IEC is a unique 10-digit code issued to Indian companies for import and export. As per the rules, import or export in India cannot be done without IEC number. The estimated loss to the government exchequer is Rs 145 crore.

The six traders arrested under the provisions of the Customs Act are Narsiram Choudhary, Kailash Kumar Mali, Jason Ram, Suresh Kumar Mali, Malaram Bishnoi, and Vijay Mahajan. The investigations revealed that the accused and some customs clearing agents imported tempered glass from China.

The suppliers in China would send the goods to a warehouse pf broker who would then under value it. The agency conducted searches in this regard in the city and Chennai. It has seized Rs 43 lakh cash, stock from the warehouses and incriminating documents. The agency has revealed that the payments have been done through dubious channels.

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Free Press Journal