New Delhi : The Economic Offences Wing (EOW) of the Delhi Police has arrested Angad Pal Singh alias Angad Singh, an absconding accused in a ₹30 crore export fraud case filed by ICICI Bank in 2017. Angad, who had fled to the United States, was recently deported to India, arrested first by the CBI in an unrelated case, and then taken into custody by the EOW on June 2. He has since been sent to judicial custody.
The fraud, which spans over several years, involved the submission of 467 fake Foreign Inward Remittance Certificates (FIRCs) to obtain Bank Realisation Certificates (BRCs), which were then used to fraudulently claim export incentives from the Director General of Foreign Trade (DGFT).
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How the Fraud Worked: Faked FIRCs, Export Benefits, and Multiple Firms
According to DCP Vikram Porwal, the EOW’s investigation revealed that the accused had operated through a network of 17 firms and 18 account holders, with the key fraud executed through five core companies linked to Angad and his family:
- Kumar Trading Company
- National Trader
- Trident Overseas India
- HSC Exim India
- AHC Auto Spares
These firms submitted fake FIRCs to ICICI Bank, falsely claiming they had received foreign payments for exports. Using these forged documents, they secured Bank Realisation Certificates, which were in turn presented to the DGFT to claim export incentives and rebates.
The DGFT, relying on the BRCs issued by the bank, released financial benefits, causing a direct loss to public funds and creating false records of foreign trade that never occurred.
Deportation from U.S. and Arrest in India
After the fraud was discovered, Angad Pal Singh fled to the United States and remained abroad for several years, evading Indian law enforcement. However, due to active coordination between Indian agencies and foreign authorities, he was deported back to India recently.
Upon arrival, he was first arrested by the Central Bureau of Investigation (CBI) in connection with another financial crime. Later, he was formally taken into custody by the EOW of Delhi Police for his role in the ICICI Bank fraud case.
As of now, Angad is in judicial custody, and police officials have confirmed that further interrogations and financial audits are underway to trace the complete money trail, identify collaborators, and assess the full extent of the fraud.
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Systemic Loopholes and Future Action
This case has once again exposed systemic vulnerabilities in the process of issuing FIRCs and BRCs, particularly in export-related banking procedures. Investigating officers believe that such frauds could not be executed without internal collusion and are now examining banking officials’ roles.
Authorities are also working to revoke the export licenses of the firms involved and have initiated proceedings to seize movable and immovable assets linked to Angad Singh and his associates.
The DGFT and banking institutions are now reviewing and tightening verification protocols for issuing BRCs to prevent similar frauds in the future.