ONE TO TWO YEARS RIGOROUS IMPRISONMENT TO THEN DEPUTY COMMISSIONER OF CUSTOMS & TWO PRIVATE PERSONS WITH TOTAL FINE OF RS. 1.20 CRORE

Press Release
New Delhi, 05.05.2017

The Special Judge-III, CBI Cases, Ernakulam (Kerala) has sentenced Shri K.S. Chandrasekhar, then Deputy Commissioner of Customs, Air Cargo Complex, Nedumbassery Airport, Ernakulam to undergo one year Rigorous Imprisonment with fine of Rs. 60 lakh and two private persons namely Shri Raju Mathew & Shri George Bastin, Partners of M/s Mars Cargo Agencies, Cochin to undergo two years Rigorous Imprisonment with fine of Rs. 30 lakh each.

The investigation revealed that Shri K.S. Chandrasekhar while working as Deputy Commissioner of Customs, Air Cargo Complex, Nedumbassery Airport, Ernakulam entered into a criminal conspiracy with Shri Raju Mathew & Shri George Bastin, Partners of M/s Mars Cargo Agencies, Cochin and favoured M/s Mars Cargo Agencies without any public interest, in the matter of clearing of goods without imposing applicable Customs Duty. In furtherance of said conspiracy, the Deputy Commissioner habitually obtained illegal gratification on eight occasions for a total amount of Rs. 3,79,350/- in the form of Demand Drafts issued from Syndicate Bank, Angamaly Branch, Ernakulam in favour of M/s Basaveshwara Temple Committee, Sakleshpur, Karnataka from the representatives of M/s Mars Cargo Agencies as a reward for the favours shown to said firm. After investigation, a chargesheet was filed against the accused.

The Trial Court found the accused persons guilty and convicted them.

Source: http://www.cbi.nic.in/pressreleases/pr_2017-05-05-1.php


CBI ARRESTS TWO PROMOTERS/DIRECTORS OF A PRIVATE FIRM IN AN ON-GOING INVESTIGATION OF A CASE RELATING TO THE ALLEGATIONS OF CHEATING THE BANKS TO THE TUNE OF RS. 3871.71 CRORE (APPROX)

Press Release
New Delhi, 04.05.2017

The Central Bureau of Investigation has today arrested two accused, both Promoters-Directors of a private firm based at Kolkata & Delhi in an on-going investigation of a case to unearth the larger conspiracy and to trace out the diversion and end use of funds.

A case was registered against a private firm based at Kolkata & Delhi; its Promoters-Directors; other executives and other unknown persons under section 120-B r/w 420, 467, 468 & 471 of IPC on a complaint of UCO Bank relating to the allegations of cheating 14 consortium member banks (lead by UCO Bank) to the tune of Rs. 3871.71 crore (approx). It was also alleged that the accused had defrauded 14 public sector banks through diversion of funds, showing high cost of false capital expenditure, suspected investment in related companies, falsely inflating debtors, sale at higher price to related / doubtful parties, fraudulent high sea transactions, non compliance with fund utilization, corporate guarantee without permission of consortium members etc.

It was further alleged that there was no genuine business with the debtors/creditors and false bills were issued by / in favour of said private firm. More than 150 shell firms were allegedly arranged through a group of brokers against fixed commission, for obtaining false invoices and diversion of bank funds. It was also alleged that some of the suppliers were non-existent and some other firms were having no genuine business with said firm and had routed the funds of said private firm through their accounts. One of the accused was the Chairman of the company during the period of fraud, and was settled out of India. A Red Corner Notice was published against accused by the UAE authorities for misappropriation of AED 160 million from United Arab Bank by submitting alleged forged documents of its business deals.

The arrested accused will be produced tomorrow in the Designated Court, Delhi.

Further investigation is continuing.

Source: http://www.cbi.nic.in/pressreleases/pr_2017-05-04-2.php

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