Revenue Intelligence Directorate (DRI) found customs leaks £25 Crore through undervaluation by luxury car importers, the Ministry of Finance said on Tuesday.
According to Dri, the top luxury cars were imported by resorting to underestimation in the range of 50 % by incorrect invoking the import value in Indian ports avoided the relevant cells.
These luxury cars would first be transported to Dubai/Sri Lanka from the US/Japan to convert from left to right hand (RHD) and other adjustments than to be imported into India by inducing imports using the documents produced.
“The investigation found that more than 30 luxury cars, see models such as Hummer EV, Cadillac Escalade, Rolls-Royce, Lexus, Toyota Land Cruiser & Lincoln Navigator, was imported using the above MODUS Operandi. £25 Crores, ”the ministry said.
Dri arrested one of the largest importers involved in this commercial fraud based in Hyderabad, which brought 8 such top -class luxury cars involving the leakage of customs for more than £7 crore.
Other importers and real users of imported cars whose names were imported by these cars are under the DRI scanner, the ministry added.
