Andhra Pradesh - Visakhapatnam   

Forex smuggling racket busted

VISAKHAPATNAM: The Directorate of Revenue Intelligence has busted a foreign exchange smuggling racket during a search of the vessel Capitol T2001 anchored off Kakinada and seized US $1.17 lakh (approximately Rs.50 lakh), the vessel and a barge. Three Indonesian crew members were arrested.

The vessel was ready to leave for Singapore when the officers of the DRI searched it on August 20 and found the dollars concealed in a specially-made cavity in the ship’s deck, according to a press release received from Additional Director General of DRI zonal unit at Chennai Arun Tandon, here on Monday.

It is alleged that the ship’s crew accumulated the foreign currency by selling the diesel meant for the ship’s operation to the local fishermen at half the price.

The foreign currency was not declared to the Customs. The practice was going on for the last few months, Mr. Tandon said.

The $1.17 lakh amount was seized as it was being smuggled out of India and the vessel along with a barge Yew Choon Marine 8, valued around Rs.10.21 crore was held.

Three Indonesian nationals among the crew, including the master of the ship, were arrested and produced before the Special Judge for Economic Offences in Hyderabad on August 21, who remanded them to judicial custody.

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