Forex scam: Customs probe clears firm

NEW DELHI: Sandhar Technologies Ltd, a company which figured in investigations into the Rs 200 crore scam involving illegal foreign exchange transfers, has not been found to be involved in any irregularity.

Sources in the customs department said the company's name figured in connection with the scam because of documents fabricated by the accused. The accused forged bill of entries (BEs) of Sandhar Technologies to implicate it in the swindle.

TOI had reported that the customs department unearthed a hawala racket at the Inland Container Depot in Tughlakabad, and detected illegal forex transfers of over Rs 220 crore. Sources in customs disclosed that 20 firms based in Delhi and Ludhiana, operating 26 bank accounts in the capital, regularly shifted money through hawala dealers in Chandni Chowk and Gaffar Market to Hong Kong and China masking the transfer of funds as payments for imports.

In a statement, Sandhar Technologies said, "We would like to categorically state that we have nothing to do with the accused named therein, nor have we undertaken any transaction with the so-called accused. We would also like to state that there is no investigation against the company by any statutoryregulatory or any other competent authority in the context of the crime."

Sources in the customs department said the company's name figured in connection with the scam because of documents fabricated by the accused. The accused forged bill of entries (BEs) of Sandhar Technologies to implicate it in the swindle.