CBI has busted foreign remittance scam of over 2,200 crore rupees. As many as 13 companies allegedly remitted the amount to foreign entities against bill payments of imports of around 25 crore rupees.
The investigating agency has registered a case against Stelkon Infratel Limited (SIPL) and 12 other companies for allegedly making these remittances.
SIPL allegedly indulged in large-scale illegal foreign remittances under fraudulent imports of the goods during 2015-16. According to CBI, many of these transactions were effected through the company’s account at Punjab National Bank. These firms were floated using IEC’s registration at fictitious addresses.
They imported miscellaneous consignment through JNPT and Mumbai Port during the year 2015 and 2016.