One More Export Fraud Reported from Delhi

As discussed in this column earlier, one more fraud on an Exporter has been reported from Delhi involving diversion of export proceeds.

Report in TOI

The loss reported in the Delhi fraud is US$31000 (Rs 18 lakhs). The two other frauds reported from Bangalore were of the order of Rs 50 to 80 lakhs. This indicates that the average losses in these frauds is very high.

Pune has also reported 6 such cases in the last 6 months. Report in TOI

These frauds are targeting both Importers and Exporters. As regards losses to exporters, the loss has to be borne by the ECGC.

In order to avoid the litigation, loss of business relationship and other adverse effects on the exporters and importers, urgent action is required from the end of RBI and ECGC.


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About Vijayashankar Na

Naavi is a veteran Cyber Law specialist in India and is presently working from Bangalore as an Information Assurance Consultant. Pioneered concepts such as ITA 2008 compliance, Naavi is also the founder of Cyber Law College, a virtual Cyber Law Education institution. He now has been focusing on the projects such as Secure Digital India and Cyber Insurance
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