Delhi Police’s Economic Offences Wing (EOW) arrested 30-year-old Angad Pal Singh, also known as Angad Singh Chandhok, for orchestrating a Rs30.47 crore fraud by submitting forged remittance documents to claim export incentives under the Foreign Trade Policy. Singh was deported from the United States and taken into custody on June 2.
Singh conspired with private bank employees to forge over 460 Foreign Inward Remittance Certificates (FIRCs), which were used by five export firms—Kumar Trading Company, National Trader, Trident Overseas India, HSC Exim India, and AHC Auto Spares—to fraudulently secure duty credit scrips from the Directorate General of Foreign Trade (DGFT). These scrips allow importers to offset customs duties but were claimed without any legitimate export payments.
The case, initiated in 2017 after a private bank complaint, uncovered a complex web of document forgery and financial manipulation. Between 2013 and 2015, fraudulent FIRCs were processed at the Naraina branch of one bank, allegedly issued by another bank’s Bhikaji Cama Place branch. These fake certificates led to issuance of Bank Realisation Certificates (BRCs), which were then used to claim duty credit scrips.
Singh and his family, including his father Surinder Singh and brother Harsahib Singh, managed the involved firms. Investigations revealed that bank accounts were opened and fake export documents processed with internal assistance. Singh, a high school graduate, learned the trade business from his father and recruited friends and relatives to form additional shell firms promising high returns.
Three co-accused have been arrested and charge-sheeted, and Singh is linked to another ongoing fraud investigation by the EOW. Authorities continue to probe to determine the full extent of the conspiracy and identify possible involvement of bank officials.