2024 (9) TMI 706

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....T-4/33- B/SDE/JMJ/91. Penalties of Rs. 5 Lakhs and Rs. 3 Lakhs were Imposed vide the Impugned Order on the Appellant for the contravention of Section 8(3) read with (r/w) Section 8(4) and Sections 8(3) r/w 8(4) r/w Section 64 of the Foreign Exchange Regulation Act, 1973 (FERA). Rs. 2 Lakhs was pre-deposited by the Appellant for the total penalty imposed. 2. The Appellant who appeared in person, stated that penalty has been imposed on him for the over-invoicing of the imported books and unauthorised remittances in foreign exchange made abroad through his alleged proprietorship firms that is M/s Vishal Internationals and M/s Jai International. It is the contention of the Appellant that the main accused Shri Kamlesh Shah placed the order for ....

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....s under the guise of legitimate business activities, through which the Appellant gained two percent commission. Despite the Appellants pleadings through which he attempts to dissociate himself and plead ignorance from the fraudulent scheme, there are evidences in the form of financial statements and statements made by the Appellant and other accused persons which uphold the findings of the Adjudicating Authority. Hence, the Ld. Counsel for the Respondent pleaded that the Appeal may be dismissed. 5. We have considered the rival submissions and material on record. We have perused the Impugned Order and observe that the Ld. Adjudicating Authority has considered the inculpatory statements made by the Appellant and the other accused persons, al....