Mateen Hafeez TNN
Mumbai: The Central Bureau of Investigation (CBI) on Friday unearthed a major scam related to the export of gold jewellery through MSTC Ltd. Officials brazenly flouted rules, resulting in a loss of Rs 480 crore to the corporation. A similar scam, involving the State Trading Corporation (STC), is also being investigated by the CBI. The STC scam is to the tune of Rs 370 crore.
In 2008-2009, six firms —Ushama Jewellers and Packing Exports, Space Mercantile, KA Malle Pharmaceutical, Joshi Bullion and Gems Jewellery, Bond Gems and Indo Bonito Multinational—exported gold jewellery worth Rs 600 crore to various buyers in the UAE. The payment was due in US dollars and remitted in 170 days from the date of the acceptance of the documents. “No proceeds from the exports were received beyond the deadline,” said joint director of CBI, Rishi Raj Singh. He said that the buyers and exporters were the same and the remittance was routed back to the country through hawala channels.
As per the agreement between MSTC and the firms, the former gave advances worth 80% of the value of the goods. The advance was to be returned after the 170-day deadline. MSTC stands to gain 1% as commission. In the case of the STC, it pays the exporter upfront up to 90% of the proceeds that were to come from the buyer. The Exim Bank, in turn, loans the amount to the STC.
TOI had reported how the STC was yet to receive payments from the exporters. Superintendent of police Abhin Modak said they were investigating the role of officials from the both the corporations. “No letter of credit was opened with the importers that could have protected the MSTC’s interest,” he said.
A case has been registered against private persons, including Shishir Dharkar, who is the chairman of Pen Cooperative Urban Bank (erstwhile owner of Space Mercantile), his wife Gulraihna Oomer, its two directors, Jayesh Desai of Bond Gems and Vinod Motwani of Indo Bonito. The CBI also raided 15 places in Mumbai, Ahmedabad and Kolkota, the head office of MSTC.
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