The Economic Offences Wing (EOW) of Delhi Police has arrested Angad Pal Singh, also known as Angad Singh Chandhok, a Delhi-based businessman accused in a `30.47 crore export benefits scam, following his deportation from the United States, officials said on Saturday.
Singh fled India in 2017 after the fraud came to light. At the time of his deportation from the US, the Central Bureau of Investigation (CBI) was also probing him in a separate fraud case. The EOW took him into custody on June 2, and a Delhi court has since sent him to judicial custody.
The arrest was made in connection with an FIR registered on January 11, 2017, under various sections of the Indian Penal Code, including cheating, forgery and criminal conspiracy. The case was based on a complaint filed by ICICI Bank, which reported suspicious activities involving the submission of 467 fake Foreign Inward Remittance Certificates (FIRCs) at its Naraina branch in Delhi.
During the investigation, police found that these forged FIRCs were allegedly issued in the name of Corporation Bank’s, Bhikaji Cama Place branch. The FIRCs were used to show that export payments had been received from abroad. Based on these documents, ICICI Bank issued Bank Realisation Certificates (BRCs), which the accused then used to claim Duty Credit Scrips (DCS) from the Directorate General of Foreign Trade (DGFT).
Under the Foreign Trade Policy, exporters are eligible for two types of benefits — Duty Drawback and Duty Credit Scrips. While Duty Drawback is directly credited by customs after goods are exported, DCS are issued by DGFT only when foreign remittance is received against export. These scripts are used to offset customs duties during imports and are also transferable in the open market. In this case, the accused allegedly created a false trail of export earnings by submitting forged FIRCs, despite no actual remittance being received.
Police revealed that Angad Pal Singh, along with his father Surinder Singh and brother Harsahib Singh, owned and operated five firms — Kumar Trading Company, National Trader, Trident Overseas India, HSC Exim India and AHC Auto Spares. Through these firms, the accused claimed export benefits using fraudulent means. The firms were all registered with ICICI Bank and the accused allegedly conspired with bank employees to process forged documents and secure the BRCs.
Police also stated that Angad Singh had studied up to Class 12 in Delhi and learned about international trade operations while working with his father, a trader in auto spare parts. To execute the fraud on a large scale, he allegedly involved other firms run by relatives and friends under the pretext of offering them high returns.
Three other individuals involved in the same case have already been arrested and charge-sheeted. These include close associates and possibly staff members who helped prepare and submit the forged documents. The investigation is still ongoing to determine the full extent of the fraud and identify any additional people or institutions involved.
Deputy Commissioner of Police (EOW) Vikram K Porwal confirmed the arrest and said that the case reflects the misuse of official export benefit schemes through forged banking documentation. Authorities are also probing the role of bank officials who may have colluded or failed to detect the fake FIRCs during the verification process.