No Bail for three accused in ₹10,000 cr Hawala scam in Gujarat

Authorities have uncovered a massive ₹10,000 crore hawala scam involving customs duty evasion and illegal foreign remittances. The Directorate of Revenue Intelligence (DRI) has been investigating fraudulent activities at Kandla and Mundra ports, where 49 shell companies were allegedly used to smuggle money abroad.

In this case, the court has denied bail to the three main accused – Naveen Joisar, Mukesh Rathod, and Sunil Gohil from Mumbai. Their bail plea was rejected by Additional Chief Judicial Magistrate S J Panchal, citing the seriousness of the scam.

Investigation findings

According to the DRI’s probe, large amounts of imported goods were exported again without receiving any revenue in return. It was discovered that over ₹10,000 crore was illegally transferred abroad through banking channels.

DRI’s Special Counsel Sudhir Gupta argued that the accused used import-export businesses as a front to send illicit funds abroad. 

The investigation revealed that around ₹26,486 crore worth of goods were imported, while ₹27,138.36 crore worth of goods were re-exported.

The companies involved did not receive any remittances for the exports, indicating a case of money laundering.

During a raid on October 6, 2023, authorities seized laptops, mobile phones, and a hard disk from Joisar’s Gandhigram office.

The investigation also found that fake companies were used to overvalue imported items like wallpapers and surgical equipment. Payments were made through legitimate banking channels to disguise black money, which was then sent abroad.