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CBI unearths Rs 2,200 crore foreign remittances scam involving 13 firms

The Central Bureau of Investigation (CBI) said today that it has unearthed a major scam worth more than Rs 2,200 crore. The scam involves dubious foreign remittances transactions done by various business entities. The CBI said that as of now 13 companies have been identified to be involved in the scam. The modus operandi involved was to remit large sums of money abroad as payment for imports. The actual bills show an amount of just Rs 24.64 crore, but the money sent abroad was more than Rs 2,200 crore. A case has been registered by CBI against Stelkon Infratel (SIPL) and 12 other companies on charges of making such remittances.

It is alleged that SIPL made these illegal foreign remittances during 2015-16. The company used its account in Punjab National Bank to carry out these transactions. CBI said that the company remitted total Rs 680.12 crore but the bills filed by the company were worth only Rs 3.14 crore. This translates into illegal remittances worth Rs 676.98 crore. Using the same method, 12 other companies have illegally remitted Rs 1,572.7 crore abroad. “All these firms were floated using IEC’s registration at fictitious or non-existent addresses. These firms have imported miscellaneous consignment through JNPT and Mumbai Port during the year 2015 and 2016,” the CBI said.

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