A 30-year-old man has been arrested for allegedly orchestrating a ₹30.47 crore fraud by submitting forged remittance documents to avail export incentives under the Foreign Trade Policy, the Delhi Police’s Economic Offences Wing (EOW) said on Saturday.
The accused, Angad Pal Singh also known as Angad Singh Chandhok, was deported from the United States and arrested on June 2, said deputy commissioner of police (EOW) Vikram Porwal. Singh conspired with a private bank employees to forge more than 460 Foreign Inward Remittance Certificates (FIRCs), which were used to fraudulently claim duty credit scrips — government-issued incentives meant for exporters, said police.
“Singh and his father Surinder Singh and brother Harsahib Singh managed five export firms that used these forged FIRCs to illegally secure trade benefits from the Directorate General of Foreign Trade (DGFT),” said DCP Porwal. The firms — Kumar Trading Company, National Trader, Trident Overseas India, HSC Exim India, and AHC Auto Spares — allegedly did not receive any legitimate export payments.
Police said that the case, registered in 2017 following a complaint from a private bank, involves a complex web of document forgery and financial manipulation. According to investigators, between 2013 and 2015, the private bank’s Naraina branch received 467 fraudulent FIRCs purportedly issued by a second private bank’s Bhikaji Cama Place branch. These FIRCs falsely claimed foreign remittances for exports that never occurred, police said.
According to police, based on these documents, the first private bank issued Bank Realisation Certificates (BRCs), which the accused firms used to obtain Duty Credit Scrips from DGFT. The scrips, which are tradable, allow importers to offset customs duties.
