| Date: |
13-12-2010 |
| Subject: |
Jewellery machine importers held for duty evasion of Rs7 crore |
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The Directorate of Revenue Intelligence (DRI) on Friday busted a racket of fraudulent imports amounting to customs duty evasion of Rs7 crore.
The accused — Bhavik Shah and Viral Khandwala, directors of Surat-based Techomach India Pvt Ltd, and their associates Hardik Shah and Bhavesh Kapadia — imported rhodium (a jewellery-plating chemical), other chemicals and jewellery-making machines from Germany-based Umicore Electroplating and from other European countries over three years without paying customs duty.
The accused mis-declared the quantity, value and descriptions of the products to avail of duty exemption applicable to Surat SEZ.While these items were meant for export, the accused diverted them into the local market.
“The four were remanded in judicial custody till December 24 by the Esplanade Court on Friday,” said the officer. During interrogation, it was found that the accused paid the value of the goods through a ‘hawala’ channel. Shah managed this with the help of a German citizen, Martin Fink.
Defence lawyer Ravi Hirani said, “My clients were forced to accept the liability of evasion. They were framed.”
Source : dnaindia.com
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