Black Money DRI Expose Rs. 2700 Cr Carpet Export Scam

Black Money DRI Expose Rs. 2700 Cr Carpet Export Scam
Directorate of Revenue Intelligence (DRI) has unearthed what looks like an Rs 2,700 crore racket to turn black money parked abroad into white and bring it back through fraudulent exports.

DRI has found that the companies involved are mostly 'fly-by-night' exporters raising suspicion that they are fronts for hawala transactions of influential people.

DRI has also found that the racket was being run with the 'active connivance' of several customs officials at inland ports in Delhi.

In a span of just 10 months this financial year, over 500 containers of 'handmade carpets' worth over Rs 2,700 crore have been found to be exported to UAE and Malaysia from just two Delhi ports—Patparganj ICD and Tughlaqabad ICD via Nhava Sheva in Mumbai. During DRI raids, these 'expensive handmade carpets' turned out to be cheap quilt covers.

Value of total exports of handmade carpets in the past five years has hovered around Rs 4,000-5,000 crore with US and Europe accounting for 60% of all exports. UAE, where majority of the suspect consignments landed, is not even among top 20 importers of carpets from India.

Last year in October DRI raided around 50 containers at different ports which were carrying "floor covering (braided) manmade fibre" as declared goods.
The actual product during the raid turned out to be quilt covers.
Thus, products with actual price of Rs 160 were being exported at a declared price of Rs 7,500—all to convert the ill-gotten wealth into white money.

Just the problem is that we Indian citizens just come to know about figures
No Names and nothing

Final result = nothing No punishments No Jail terms

Just pay a little bit fine and one is free again to do corruption and business of converting black money into white money

Reality views by sm –

Sunday, February 01, 2015

Tags – Carpet Scam Black Money