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Wednesday, October 27, 2021

DRI arrests 2 men for exporting cheap goods at higher prices

The accused were arrested for using multiple Exporter Importer Code with exports done to the tune of over Rs 1,800 crore under a duty buyback scheme of the government meant to encourage genuine exporters, the DRI said.

By: Express News Service | Mumbai |
July 26, 2021 12:39:09 am
transgender murdered in Mumbai“The man is yet to be questioned in the case and further investigation is on,” said a senior police official of the police station concerned. (Representational)

The Directorate of Revenue Intelligence (DRI) has arrested two persons in connection with a syndicate exporting cheap goods at higher prices causing losses of up to Rs 50 crore.

Rajan Sarang and Prashant Modak were arrested Saturday for allegedly playing a major role by using multiple Exporter Importer Code with exports done to the tune of over Rs 1,800 crore under a duty buyback scheme of the government meant to encourage genuine exporters, the DRI said. A Mumbai court sent them to DRI’s custody. The agency claimed that Sarang used customer broker licenses to clear export consignments of dummy exporters. It was also alleged that during searches, the DRI had found a 9 mm weapon from Modak, whose legal license the latter could not provide. DRI officials claimed that over 120 registered exporters across the country are being probed.

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