On Thursday, the Directorate of Revenue Intelligence (DRI) arrested a Dubai-based businessman Shubham Sachdeva (41) for allegedly helping his cousin launder ₹87 crore with the help of fake invoices, from Hyderabad. Sachdeva who is the director of ESCORP Commodities LLC in Dubai was picked up when he landed at the Hyderabad airport.
Based on a ‘Look Out’ circular, the airport officials detained him after he failed to respond to the summons issued by the DRI two years ago. According to DRI sources, Sachdeva’s firm helped his cousin’s Mumbai-based company by providing machinery that was imported from Sweden.
While investigating the matter, the DRI officials learned that Sachdeva had sourced the equipment for just ₹15 crore from a Swedish company but had issued a bill worth ₹102 crore for the same.
A DRI official said that the fictitious sale between NAMCO and ESCORP has resulted in overvaluation of the actual value by over 500 per cent. He added that their investigation revealed that Sachdeva helped launder money to the tune of ₹87 crore.
In 2016, they summoned him but he avoided it. Hence, they issued ‘Look Out’ circulars against him. On Thursday, they received information from officials at Hyderabad airport and the probe is going on.
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