DRI seizes machinery worth Rs 189-crore for evading customs duty
By PTI | Published: 22nd January 2018 07:17 PM |
Last Updated: 22nd January 2018 10:25 PM | A+A A- |
For representational purposes (File | Reuters)
HYDERABAD: The Directorate of Revenue Intelligence (DRI) has seized machinery worth Rs 189 crore belonging to Bramhani Industries from Kadapa district in Andhra Pradesh for allegedly evading customs duty.
In an official statement today, the DRI said the machinery was imported in 2009 for setting up a steel plant and as per the Foreign Trade Policy-2009-14, it was required to be installed within six months from the date of import and fulfil the required export obligation thereafter.
But Bramhani Industries executed a bond binding to fulfil the obligations and the bond was backed by a corporate guarantee issued by Obulapuram Mining Company owned by former Karnataka Minister Gali Janardhan Reddy, the statement said.
"Bramhani Industries having failed to install the machinery and having failed to fulfil the export obligation, have violated the conditions of EPCG Scheme as mentioned in Customs notification...
"Hence the officers visited the premises of the company and seized the imported machinery lying there worth Rs 189 crore," it said.
No immediate comment was available from the company.
