In a significant crackdown, the Directorate of Revenue Intelligence (DRI) has arrested the proprietor of a freight forwarding firm based in Versova for orchestrating a large-scale import duty evasion racket involving luxury furniture. The estimated duty evasion stands at ₹20 crore, stemming from the alleged undervaluation of consignments imported since September 2021.
According to officials, the DRI conducted searches on May 27 at multiple locations connected to the firm, recovering numerous incriminating documents. The preliminary investigation revealed that the importer had falsely declared goods valued at just ₹24 crore. However, documents recovered during the raids suggest the actual value of these imports is close to ₹60 crore.
The DRI suspects that the massive undervaluation was part of a deliberate attempt to evade customs duty. During questioning, the arrested proprietor reportedly confessed to creating fake invoices and admitted instructing his staff to destroy key evidence. He also acknowledged receiving payments in exchange for falsifying documents.
Authorities have recorded statements from several individuals that helped expose the entire scheme. Further investigation is underway to determine the involvement of the actual owner of the furniture business, sources involved in procurement, and the role of hawala channels in moving funds overseas.
The case highlights ongoing efforts by the DRI to clamp down on trade-based money laundering and tax evasion practices, especially in the luxury goods sector.
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