Cases of commercial fraud, including trade based money laundering (TBML), to the tune of over Rs 3,100 crore have been detected by Directorate of Revenue Intelligence (DRI) in the last fiscal–2013-14.
DRI, which acts as lead agency to check smuggling and commercial fraud, has detected 694 cases of commercial fraud involving customs duty evasion of Rs 3,112 crore in the last fiscal, official sources said.
These cases related to mis-declaration and under invoicing of imported and exported goods, misuse of government schemes to facilitate trade (like foreign or preferential trade agreement–FTA/PTA) and misuse of importer exporter code (IEC) and other exemptions to promote trade, and TBML, among others, they said.
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