Customs duped of Rs 40 crore

October 22: The Customs Intelligence Unit (CIU) today arrested a businessman on charges of receiving Rs 40 crore from the Customs, Air Carg...

October 22: The Customs Intelligence Unit (CIU) today arrested a businessman on charges of receiving Rs 40 crore from the Customs, Air Cargo Complex by submitting forging documents.

The Customs received a tip-off that Naval Bagard and his associate Amol Gavaskar claimed duty drawback in the name Om Traders, Tropical Exotics (both owned by Naval) and Prime Agricom (registered in the name of Naval’s wife) in the last one year by submitting over 4,000 forged drawback claims, airway and shipping bills for exports which did not take place.

On October 16, 1997, CIU officers raided the offices and residences of Bagard and Gavaskar. They seized three cheques of Rs 30.77 lakh, Rs 17.53 lakh and Rs 14.73 lakh issued in the name of above three companies respectively by employees of Alanda Shipping Agency owned by Gavaskar, Indian and foreign currencies and travellers cheques worth Rs 35.73 lakh and gold coins valued at Rs 2.52 lakh.

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During interrogation, it was revealed that Bagard was associated with the forex market through Topworth Investments, Macau where he maintained a fixed deposit of $ 50,000. He also admitted to have received around Rs 40 crore as drawback claims by forging documents and giving Rs 60 lakh of the amount to his sister-in-law.

Bagard has been remanded to judicial custody by Additional Chief Metropolitan Magistrate Shivaji B Dhumal till October 29, 1997.

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