The Directorate of Revenue Intelligence (DRI) has launched a probe after it detected a unique modus operandi to launder money by some importers who submitted fake bills to get bank remittances in their foreign accounts mainly located in Hong Kong.
After months of probe, the DRI claimed that certain traders submitted bills of imports for consignments that never reached Indian shores resulting in loss worth crores of rupees to the exchequer, official sources said.
The DRI has alerted the Reserve Bank of India (RBI) on this Trade Based Money Laundering and illegal transfer of funds abroad which “are being noticed more frequently now”, they said.