Future Enterprises CFO arrested for customs duty evasion
Dinesh Maheshwari, CFO, Future Enterprises Ltd. has been arrested for allegedly evading customs duty of about Rs. 14. 58 crores. The Directorate of Revenue Intelligence arrested Maheshwari as he was deemed responsible for the evasion on behalf of the company.
Future Enterprises was importing readymade clothing from Bangladesh to India via Petrapole Land Customs Station through the South Asian Free Trade Area (SAFTA) benefit and thus not paying the basic customs duty, according to the DRI.
“...Maheshwari appears to be guilty of an offence punishable under Section 135 of the Customs Act and has, therefore, been arrested under Section 104 of the Customs Act,” according to the statement.
Other investigations revealed that the garments were routed through country suppliers in Dubai and Singapore but were finally delivered from Bangladesh because of minimal processing, according to the DRI statement.