delhi police arrested scammer

The Economic Offences Wing (EOW) of the Delhi Police has apprehended Angad Pal Singh, also known as Angad Singh, an absconding suspect in a ₹30 crore export fraud case filed by ICICI Bank in 2017. After fleeing to the United States, Angad was recently deported to India, initially arrested by the Central Bureau of Investigation (CBI) for an unrelated case, and subsequently taken into custody by the EOW on June 2. He is now in judicial custody.

The fraud involved the submission of 467 fake Foreign Inward Remittance Certificates (FIRCs) to obtain Bank Realisation Certificates (BRCs), which were then used to fraudulently claim export incentives from the Director General of Foreign Trade (DGFT).

How the Fraud Operated According to DCP Vikram Porwal, the EOW's investigation revealed that Angad operated through a network of 17 firms and 18 account holders, with five core companies linked to him and his family:

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

These firms submitted fake FIRCs to ICICI Bank, falsely claiming foreign payments for exports. Using these forged documents, they secured BRCs, which were then presented to the DGFT to claim export incentives, resulting in significant losses to public funds and creating false records of non-existent foreign trade.

Deportation and Ongoing Investigations After the fraud was uncovered, Angad fled to the U.S. but was recently deported back to India due to coordination between Indian and foreign authorities. Following his arrival, he was arrested by the CBI and later by the EOW for his involvement in the ICICI Bank fraud case.

Currently, Angad is in judicial custody, and police are conducting further interrogations and financial audits to trace the money trail, identify collaborators, and assess the full extent of the fraud.

Addressing Systemic Vulnerabilities This case highlights systemic vulnerabilities in the issuance of FIRCs and BRCs within export-related banking procedures. Investigators suspect that such frauds could not occur without internal collusion and are examining the roles of banking officials.

Authorities are also working to revoke the export licenses of the involved firms and have initiated proceedings to seize assets linked to Angad Singh and his associates. The DGFT and banking institutions are reviewing and tightening verification protocols for issuing BRCs to prevent similar frauds in the future.