DRI busts hawala racket in Ludhiana

The Directorate of Revenue Intelligence claims to have busted a hawala racket in Ludhiana,allegedly involving laundering of Rs 1,000 crore through different channels.

Written by Express News Service | New Delhi | Published: July 5, 2012 2:27:59 am

The Directorate of Revenue Intelligence (DRI) claims to have busted a hawala racket in Ludhiana,allegedly involving laundering of Rs 1,000 crore through different channels. The racket was exposed after a Ludhiana-based exporter allegedly used inflated bills to misuse a duty drawback scheme run by the Union Ministry of Finance and gained incentives worth Rs 60 crore.

Acting on intelligence inputs,the Delhi zonal unit of DRI found that the businessman was using “fake inflated bills” to get incentives of the drawback scheme while exporting “substandard” readymade garments,said DRI officials. They said the exporter,who runs several export firms in Ludhiana,was sending garments to the United States and Middle East countries by allegedly inflating the cost of the exported garments.

Further investigation showed the businessman was provided with these bills by one Mukesh Singh Singhania,an alleged hawala operator based in Ludhiana.

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