DRI arrests Future Enterprises CFO for evasion of customs dutyhttps://indianexpress.com/article/business/companies/dri-arrests-future-enterprises-cfo-for-evasion-of-customs-duty-5827809/

DRI arrests Future Enterprises CFO for evasion of customs duty

The company was importing readymade garments from Bangladesh through Petrapole Land Customs Station (LCS) without payment of basic customs duty, availing of the South Asian Free Trade Area (SAFTA) benefit, the agency said in a statement on Saturday.

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Maheshwari appears to be guilty of an offence punishable under Section 135 of the Customs Act and has, therefore, been arrested under Section 104 of the Customs Act, on July 12,” the statement said. (Representational)

The Directorate of Revenue Intelligence (DRI) has arrested Dinesh Maheshwari, the chief financial officer (CFO) of Future Enterprises Ltd, for alleged evasion of customs duty to the tune of Rs 14.58 crore.

The company was importing readymade garments from Bangladesh through Petrapole Land Customs Station (LCS) without payment of basic customs duty, availing of the South Asian Free Trade Area (SAFTA) benefit, the agency said in a statement on Saturday.

“… He (Maheshwari) appears to be the main person responsible for the evasion of duty to the tune of Rs 14.58 crore by Future Enterprises Ltd. He appears to be guilty of an offence punishable under Section 135 of the Customs Act and has, therefore, been arrested under Section 104 of the Customs Act, on July 12,” it said.

Investigations further revealed that the garments were supplied by third country suppliers based in Dubai and Singapore, but were delivered from Bangladesh after minimal processing, the DRI statement added.