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Wednesday, January 19th, 2022

One to six years rigorous imprisonment with total fine of rs. 10.24 crore (approx.) to four accused including private persons & bank officials in a case involving fraudulent duty draw-back

New Delhi,
The Special Judge, CBI Cases, Mumbai has sentenced Sh. Krishan Kumar Kacharulal Gupta (private person) to undergo Six years Rigorous Imprisonment (RI) with fine of Rs. 10.20 Crore; Sh. Sudhir Brihaspati Mandal, Proprietor of M/s Vijay Trading Co., to undergo three years RI with fine of Rs. three lakh; Sh. Vasant M. Parkhe, then Cashier, Bank of India, Cotton Exchange Branch, Mumbai to undergo One year RI with fine of Rs. One lakh and Sh. Sunil Bhujangrao Jadhav, then Cash Counter Clerk, Bank of India, Cotton Exchange Branch, Mumbai to undergo One year RI with fine of Rs. One lakh.

CBI had registered a case on 20.03.2003 against various accused including private firms, private persons and unknown officials of Customs, Bank of India & others. It was alleged that the accused entered into a conspiracy to cheat Govt. of India and submitted forged export documents & claimed Customs Duty Drawback from Customs Department.  It was further alleged that the 11 fictitious firms were used to prepare false export documents in their names and the same were submitted to Customs Department. As many as, 26 Customs Duty Drawback cheques aggregating to more than Rs. 2 crore were obtained.  These cheques were drawn on RBI, Mumbai & issued by Customs Department in the names of said fictitious firms and were deposited in Bank of India, Cotton Exchange Branch, Mumbai in the account of M/s. Vijay Trading Co. The said duty drawback amount was fraudulently obtained and was utilized by the private persons.  No exports were allegedly made by any of the said fictitious firms. The Bank Officials had colluded with the private persons and accepted account payee duty drawback cheques issued in the name of said fictitious firms for depositing in the current account of M/s. Vijay Trading Company even though such cheques were not even endorsed in favour of   M/s. Vijay Trading Company. It was also alleged that Sh. Krishan Kumar Kacharulal Gupta was the major beneficiary in this fraud who had floated fictitious firms for dishonestly obtaining duty drawback claims against fake exports of readymade garments from Mumbai Customs on forged/fake export documents including shipping bills, Declaration forms, invoice copies, packing lists etc. It was further alleged that Sh. Sudhir Brihaspati Mandal was the Proprietor of M/s Vijay Trading Company, Peddar Road, Mumbai whose firm was used for the purpose of depositing the Duty Drawback cheques in the name of 11 fictitious firms and further diversification of the fraudulent amount. During investigation, it was found that the accused allegedly made fraudulent claims of duty drawback with the Customs Department on the basis of forged documents in the name of fictitious companies and thus obtained illegal customs duty drawback to the tune of Rs.2,09,36,419/- (approx.), causing loss to the Govt. of India.

After investigation, a charge sheet was filed in the Court of Special Judge for CBI Cases, Mumbai on 30.05.2005 against Sh. Krishan Kumar Kacharulal Gupta, Sh. Sudhir Brihaspati Mandal (both private persons) and Sh. Vasant M. Parkhe, the then Cashier & Sh. Sunil B. Jadhav, the then Cash Counter Clerk, both of Bank of India, Cotton Exchange Branch, Mumbai.

The Trial Court found the accused guilty and convicted them.



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