Singapore-based Indian has been accused of a ₹10 crore international trade scam
By : Sandhya
NEW DELHI The Economic Offences Wing of the Delhi Police has detained a 67-year-old Singapore citizen for his involvement in a ₹10 crore international trade fraud involving falsified shipping documents, according to an officer on Thursday. The accused, Mukesh Gupta, Managing Director of a private limited company, was arrested on April 22 in response to a complaint made by a Delhi-based corporation alleging fraud in a timber import agreement.
According to the complaint, the firm entered into an agreement with Gupta's company for timber imports from New Zealand and paid using Letters of Credit. According to police, the package did not come.
Investigations discovered that Gupta submitted fraudulent bills of lading and shipping documents to a Singapore bank, which forwarded them to a bank in Connaught Place. The bank released around ₹10 crore based on fake documents, despite no goods being sent, according to the statement.