COFEPOSA rap for four

MUMBAI, December 2: The Union Finance Ministry has issued detention orders under COFEPOSA against four accused in a racket of fake imports. Of the four 8212; Sevantilal Kesavlal Joshi, Kamlesh N Shah, Vasant Ambalal Patel, and Aswinbhai N Patel 8212; Sevantilal Joshi has been detained in Mumbai Central prison. The other three are absconding.

The accused allegedly siphoned off 13 million US dollars to various accounts in Hong Kong. Said Enforcement Directorate sources in Mumbai, while Kamlesh Shah handled the Hong Kong end of the operations, Vasant and Ashwinbhai Patel were running the Angadia firm a traditional version of couriers which allegedly transferred the money, reportedly unaccounted for, into banks in Mumbai and Surat.

The money was transferred to Hong Kong under forged bills of entry submitted by the fictitious firms purportedly run or operated by the accused. The names of the firms used were Star Diamond Exports, P S International, Sumit Diamond, Sricar Chemicals, R K Traders, Regent Traders, and Regal Exports. Obviously, no imports were made from parties purportedly in Hong Kong.

The banks in which the money was deposited either in cash or by pay order for transfer to Hong Kong include the Standard Chartered Bank, M G Road, Mumbai 8211; Rs 40 crore, Bank of Maharashtra, Dahisar branch 8211; Rs three crore, State Bank of Hyderabad, Vile Parle E branch 8211; Rs 3.5 crore and Punjab National Bank, 0pera House branch 8211; Rs three crore.