Page 88 - DRI ANNUAL REPORT EBOOK
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In 2019-20 DRI has booked 234 cases involving export fraud and the composition of spectrum of frauds is shown below:
Trends Observed & Signature Cases in Export Frauds
TRADE BASED MONEY LAUNDERING
Laundering of unaccounted money by trade in goods is one of the oldest known ways of money laundering. Overvaluation and undervaluation of exports lead to transfer of disproportionate money from one country to another, apart from impacting the Customs duty. The unaccounted money is laundered to legitimise as proceeds of trade. In 2019-20 DRI has made 73 cases involving overvaluation of exports.
CLASSIC CASE OF TBML
DRI unearthed a modus operandi of an SEZ unit misdeclaring the exports of jewellery and diverting duty-free gold into domestic market. The officers of DRI intercepted a consignment and found that the gold content in the consignment was only 565 grams, as against the declared quantity of 19.374 kgs. The quantity of stones was 20.85 kgs, as against 2 kgs declared.
The actual value of the consignment was found to be only Rs. 22.16 lakhs, as against Rs. 5.45 crores declared.
54 SMUGGLING IN INDIA REPORT 2019-20
