Businessman held for Rs 118 crore export fraud

MUMBAI: The prevention of smuggling and customs fraud unit of Directorate of Revenue Intelligence (DRI) has arrested a businessman in an export fraud running into Rs 118 crore.
DRI arrested RMCL joint managing director Abhishek Anilkumar Agarwal , a resident of Daman, for defrauding the exchequer by taking monetary benefits of imports under a government scheme, but failing to fulfill obligations of export.
RMCL is into network marketing, FMCG goods and other products. While Abhishek is joint MD, his father Anil Agarwal is chairman.
DRI officials had received a tip-off that RMCL had taken eight EPCG licences and allegedly imported goods worth several crores against which they were supposed to export goods worth Rs 135 crore.
Officials said that in this case though the export obligation period had expired, they had fulfilled export of goods worth Rs 17 crore, while export of goods worth Rs 118 crore was pending.