Itc Officials Offer To Make Voluntary Disclosures

The directorate is investigating close to 1,000 transactions between the ITC and the Chitalias.

The details of these transactions were first provided to the Central Economic Intelligence Bureau (CEIB) by the Chitalias in July this year, when they first approached the government to reveal details on the condition that they be granted immunity from prosecution.

Most of the consignments, the transactions for which were carried out over a period of four to five years, are believed to have been routed to Europe while the payments had been parked in the US for several months. Having earned the interest on these funds, the amount was remitted back to India. It is further alleged that the interest from these funds found its way to the private accounts of a number of persons. The team of revenue department officials, which visited the US earlier this month, got hold of documents revealing the number of transactions in which the violation could have taken place to be around 1,000. Hence, the probe into the deals.

 

Sources said the documents handed over by the Chitalias supplemented those collected by the CEIB and Directorate following investigations.

The team, through independent investigations and information provided by the Chitalias, has got details of transactions which are questionable, said a finance ministry source. The voluntary disclosures of senior and middle level officials, if made, would help enforcement agencies to help them in getting to the bottom of the controversy. The source added that officials who had contacted the Enforcement Directorate were hoping that disclosures would help their respective cases at the time of framing of charges, if matters go to that extent.

It is learnt that revenue secretary N K Singh has been apprised of the latest developments regarding the voluntary disclosure.