A Mumbai-based businessman has been arrested by the Directorate of Revenue Intelligence (DRI) for allegedly evading ₹30 crore in customs duties through misdeclaration and gross undervaluation of branded luxury furniture imports.
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According to the DRI, the accused orchestrated a complex syndicate using multiple shell companies in India and overseas, along with dummy Importer Exporter Codes (IECs), to conceal the true value and brand identity of the imported goods. Intelligence indicated that luxury furniture was being declared at significantly reduced prices to avoid paying correct customs duties, causing a major revenue loss to the government.
Searches were conducted at multiple sites, and live imports were examined. Evidence revealed systematic misdeclaration and the misuse of IECs. The key accused, a resident of Oshiwara, is believed to have played a central role in the syndicate, which used dummy Indian entities to mask high-value imports.
DRI officials stated that further investigation is underway to trace remaining syndicate members, identify funding sources—including possible hawala routes—and uncover the full extent of the international operation. The agency said the case remains at a "crucial stage" with efforts ongoing to dismantle the wider network.
Source: www.freepressjournal.in
