DRI Arrests Future Enterprises Big Bazar CFO Dinesh Maheshwari For Alleged Customs Duty Evasion. The Directorate of Revenue Intelligence arrested Future Enterprises Ltd.’s Chief Financial Officer Dinesh Maheshwari for allegedly being the main person responsiblefor customs duty evasion to the tune of Rs 14.58 crore by the company. Maheshwari is also an executive director on the company’s board, along with Managing Director Vijay Biyani and Vice Chairman Kishore Biyani.
Maheshwari was arrested for the misuse of duty-free imports facility from Bangladesh under the South Asian Free Trade Area, according to a statement issued by the Ministry of Finance on Saturday. Future Enterprises—part of the Kishore Biyani-led Future Group—imported readymade garments from Bangladesh without paying basic customs duty, DRI alleged, adding that the investigation found the value of goods shown in the certificate furnished to be much less than the actual value. The exemption is available only if the importer proves that the goods being imported are of the origin of the SAFTA country. DRI said the probe found that garments were supplied by third-country suppliers based in Dubai and Singapore, but were delivered from Bangladesh after some “minimal processing”, which the agency said was not enough as per the norms for the product to be called as of “Bangladeshi origin”. “The value declared in the bill of entry submitted before the Indian customs was the value charged by the third-country suppliers to M/s Future Enterprises Ltd., whereas, the value mentioned in the SAFTA certificate was the charge paid by the third country suppliers to the Bangladeshi manufacturers.”
The third-country suppliers, according to DRI, had supplied some raw materials and accessories free of cost to the Bangladeshi manufacturers, and their value was not included in the final value of the goods manufactured by the company…
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