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The Directorate of Revenue Intelligence uncovered a large-scale fraud involving undervaluation and misdeclaration in the import of luxury furniture, resulting in an estimated customs duty evasion of around Rs 30 crore. The scheme involved a network using dummy importers, local intermediaries, overseas shell companies, and fabricated invoices to declare branded luxury furniture as unbranded at significantly undervalued prices. Goods were shipped directly from European suppliers but invoiced through shell entities in jurisdictions like Dubai and Singapore. After customs clearance under false declarations, the furniture was transferred on paper to the actual beneficial owner, a prominent national luxury furniture brand, via intermediaries. Three individuals connected to the importer and intermediaries were arrested under the Customs Act for their complicity and conspiracy in executing the fraud.
The Directorate of Revenue Intelligence uncovered a large-scale fraud involving undervaluation and misdeclaration in the import of luxury furniture, resulting in an estimated customs duty evasion of around Rs 30 crore. The scheme involved a network using dummy importers, local intermediaries, overseas shell companies, and fabricated invoices to declare branded luxury furniture as unbranded at significantly undervalued prices. Goods were shipped directly from European suppliers but invoiced through shell entities in jurisdictions like Dubai and Singapore. After customs clearance under false declarations, the furniture was transferred on paper to the actual beneficial owner, a prominent national luxury furniture brand, via intermediaries. Three individuals connected to the importer and intermediaries were arrested under the Customs Act for their complicity and conspiracy in executing the fraud.
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TaxTMI 
TaxTMI 
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