CBI arrests Ahmedabad-based company's MD for causing Rs. 1.07 crore loss

New Delhi, Feb 27 (ANI): The Central Bureau of Investigation (CBI) on Saturday arrested a Ahmedabad-based company's Managing Director for causing loss to the government exchequer to the tune of Rs. 1.07 crore.

According to CBI spokesperson Harsh Bhal, the investigating agency's ACB Goa branch had registered a criminal case on April 25, 2008 under section 120-B r/w 420, and section 13(2) r/w 13(1)(d) of PC, Act, 1988 against ten officials of Goa Custom and Central Excise and the private parties.

The allegations were that the ten Customs officials in conspiracy with the private parties, dishonestly and by abuse of their official position facilitated import by undervaluing from Goa Customs during 2005-06, two consignments of Naphta and one consignment of Furnace Oil.

The consignments were imported by the Ahmedabad based company and stored in the bonded warehouse of a Mumbai-based company in Goa.

As results of this conspiracy the Government exchequer had been caused wrongful loss of Rs. 1.07 crore on account of under valuation of the customs duties on the three imported consignment and also ineligible free warehousing period and thereby caused corresponding wrongful gain to the private parties. (ANI)