AHMEDABAD: The investigation revealed that ABC Cotspin availed of bill discounting facilities towards letters of credit (LC) from the two massive banks.
“In 2014-15, Jobanputra, with out making any exports were given made and signed export documents together with commercial invoices, certificates of origin, certificates of high quality, certificates of quantity, phytosanitary certificates, packing lists, bills of alternate and a request letter to SBI to bargain bills. He also were given bills of lading through transport brokers like Seamax Logistics, Far Sailing Shipping Company, United Container Lines prepared and offered them to the State Bank of India’s Gondal department and a department of Bank of Baroda in Ahmedabad,” an legitimate said.
Bank officials discounted the export bills with out right kind scrutiny or ensuring that transport bills issued through Customs, that are mandatory, had been available at the time of discounting. “They also discounted export bills on the basis of letters of credit (LCs) issued through the Industrial and Commercial Bank of China, which is restricted,” said an legitimate.
“In 2014-15, Jobanputra, with out making any exports were given made and signed export documents together with commercial invoices, certificates of origin, certificates of high quality, certificates of quantity, phytosanitary certificates, packing lists, bills of alternate and a request letter to SBI to bargain bills. He also were given bills of lading through transport brokers like Seamax Logistics, Far Sailing Shipping Company, United Container Lines prepared and offered them to the State Bank of India’s Gondal department and a department of Bank of Baroda in Ahmedabad,” an legitimate said.
Bank officials discounted the export bills with out right kind scrutiny or ensuring that transport bills issued through Customs, that are mandatory, had been available at the time of discounting. “They also discounted export bills on the basis of letters of credit (LCs) issued through the Industrial and Commercial Bank of China, which is restricted,” said an legitimate.
Rs 804 cr fraud: Bills discounted without scrutiny
![Rs 804 cr fraud: Bills discounted without scrutiny]()
Reviewed by Kailash
on
May 26, 2018
Rating:
