Special court grants bail of Rs five lakh to Rastogi

Mumbai, Aug 6 (UNI) A special CBI court today granted bail of Rs five lakh to Non-Resident Indian Narendra Kumar Rastogi, who is accused of claiming false duty drawback from the Customs Department by submitting forged customs documents.

Additional Session Court Judge C K Bhide granted him bail and also directed him to furnish the security of Rs three lakh and file personnel bond of Rs 1.5 lakh.

Rastogi was deported from America after languishing for 84 months in jail there, in a fraud case and was released last month on bail, as investigation in the case had been completed and he was not wanted for further interrogation.

According to the prosecution, Rastogi and 24 others were exporting bicycle parts to Russia, Hong Kong and other countries and claiming false duty drawback from the Customs Department.

They also allegedly used to show excess over invoiced value by fraudulent methods to get back the duty. Six cases of fraud were registered against Rastogi in the city, out of which two are pending in metropolitan magistrate court and four in sessions court. He had allegedly conducted fraud to the tune of Rs 42 crore.

Also in the mid-nineties, the Rastogi brothers had floated 14 different firms in their names and had shown exports of bicycle parts to Russia and Hong Kong.

The bicycle parts which comprised brake shoes, brake screws, handle levers, brake button were grossly over invoiced for the purpose of claiming undue and wrongful duty drawback in connivance with certain Customs officials, according to the prosecution.

UNI ST SR SP NS1922