A court here on Wednesday pronounced two years' rigorous imprisonment to a former police inspector Abdul Samad for carrying foreign currencies to the tune of Rs 2,94,50,120 without prior permission from the Reserve Bank of India (RBI) in 1993.
The court also imposed a fine of Rs 50,000 on Samad, who was found guilty of violating the Foreign Exchange Regulation Act, 1973 (FERA).
During an investigation by the Enforcement Directorate (ED), a search was conducted in the residential premises of Samad on July 15, 1993, and foreign currencies of US, Saudi, Qatar, UAE, and Singapore were seized.
Delivering the judgment the court observed that the offence was a heinous crime and "such contraventions are committed in an organised manner upsetting the economy of the country.
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