MUMBAI, June 29: Navalkishore Ghanshyamdas Bangard, who had allegedly claimed Rs 50 crore in fraudulent duty drawback claims from Mumbai Customs was detained under Conservation of Foreign Exchange and Prevention of Smuggling Act on Friday.The Enforcement Directorate has traced Bangard's cash transactions to a hawala operator in Mumbai, amounting to Rs two crore in 1996-97 and his transfer of US $ 500,000 to his unauthorised bank accounts abroad, a press note from the ED said.
The amount had gone into establishing Bangard's company in Singapore M/S Bridgeearth Holdings Pvt Ltd. Bangard already runs companies like Om Traders, Tropical Exports, Exon Securities (I), Figureheads Financial Super Markets and M/S Bridge De Earth Travels and Tours.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
