Rs 30.47 Crore Fraud in ICICI Bank, EOW arrests Angad Pal in Fraud Case

New Delhi, June 7 – The Economic Offences Wing (EOW) of the Delhi Police has arrested Angad Pal Singh in a major cheating and forgery case involving fraudulent export benefits amounting to ₹30.47 crore. The accused, along with his father Surinder Singh and brother Harsahib Singh, operated five firms that allegedly forged foreign remittance documents to illegally claim government export incentives.

Companies Used for the Fraud

According to police, Angad Pal Singh and his family members owned and managed the following companies:

• Kumar Trading Company
• National Trader
• Trident Overseas India
• HSC Exim India
• AHC Auto Spares

The trio is accused of generating fake Foreign Inward Remittance Certificates (FIRCs) to show that they had received payment for exports from abroad. These fake FIRCs were supposedly issued by Corporation Bank, Bhikaji Cama Place, Delhi. Using these documents, they obtained Duty Credit Scrips (DCS) from the Director General of Foreign Trade (DGFT) under India’s export incentive scheme.

How the Fraud Was Carried Out

Investigations revealed that the accused opened bank accounts in ICICI Bank, Naraina Branch, and conspired with certain bank employees to process forged FIRCs. These documents, submitted between September 2013 and October 2015, were used to generate 467 fake FIRCs by 18 account holders linked to 17 firms, including the ones run by the accused.

Based on the FIRCs, ICICI Bank issued Bank Realisation Certificates (BRCs), which were then submitted to the DGFT. These certificates were used to apply for Duty Credit Scrips—licenses that allow exporters to import goods without paying certain duties. These scrips are also transferable and were reportedly sold in the open market.

Understanding the Export Incentive Scheme

Under India’s Foreign Trade Policy, exporters can claim two types of benefits:

1. Duty Drawback – Credited directly by Customs after goods are exported.
2. Duty Credit Scrips – Issued by DGFT after banks confirm payment for exports via BRCs.

These scrips are not cash rewards, but they can be used to pay customs duties and are tradable. The fraudulent firms claimed DCS benefits based on non-existent foreign payments, thereby causing significant financial loss to the exchequer.

Accused Arrested After Deportation

Angad Pal Singh, who had fled to the United States, was earlier deported to India and arrested by the CBI in a separate fraud case. He was later taken into custody by the EOW on Friday. Police confirmed that he is currently in judicial custody and is involved in another criminal case under investigation by the EOW.

Ongoing Investigation

Officials said further investigations are underway to identify other individuals, including bank employees, who may have been involved in the processing of fake documents. The police are also examining whether more companies benefited from the scam.

This case highlights growing concerns around forgery and financial fraud in India’s export-import sector and the misuse of government schemes meant to promote international trade.